Abu Dhabi’s gross domestic product (GDP) grew by 3.3 per cent during the first quarter of 2024 compared to the year-ago period.
Estimates by Statistics Centre – Abu Dhabi (SCAD) indicate that non-oil GDP increased by 4.7 per cent during the period, driven by growth across all non-oil economic sectors.
New record
According to statistical estimates, the contribution of non-oil activities to the overall economy of the emirate of Abu Dhabi reached its highest level since 2015 at 54.1 per cent.
Specifically, the quarterly value of the non-oil economy exceeded its previous record, reaching AED154.7 billion during the first quarter of 2024. The total value of the emirate’s economy (including both oil and non-oil sectors) reached AED286 billion during this period.
The transportation, construction and building, financial activities, and accommodation and food activities sectors demonstrated the greatest performance. This reflects the impact of the economic diversification policies implemented by the government.
“Our economy continues to deliver consistent, stellar growth, reaffirming its resilience and dynamism to navigate headwinds and global challenges impacting all economies and sectors. Guided by the leadership’s far-sighted vision and backed by strong fundamentals, Abu Dhabi’s soaring Falcon Economy has taken great strides to accelerate growth and transition to a smart, diversified, inclusive and sustainable economy,” said Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED).
“With a 3.3 per cent rise of total GDP and 4.7 per cent of non-oil economy in first three months of 2024, we are forging ahead with our strategies to cement Abu Dhabi’s position as a global magnet for outstanding talents, businesses and investments to grow and expand from the emirate and shape a brighter future for all. Our attributes as Capital of Capital are attracting global financial powerhouses to Abu Dhabi, supporting the financial activities to grow by 9.7 per cent, and supercharging non-oil sectors, which have contributed 54.1 per cent to total GDP in Q1 2024,” he added.
Top performers
Construction activities achieved a growth rate of 9.5 per cent during the first quarter of 2024 compared to the same period last year. They contributed 8.8 per cent to the overall economy, the highest in the past five years. This attractiveness for local and foreign investments is evident in the consistent quarterly growth of 22.6 per cent over the past decade. This growth has coincided with an increase in the number of real estate units in the emirate, totaling 754,555 units since 2011.
Meanwhile, the finance and insurance activities sector achieved 9.7 per cent growth. The contribution of this sector to the emirate’s economy stands at 7 per cent. The value added of this sector witnessed an increase of 39 per cent over the past 10 years, reaching AED20 billion in Q1 2024.
Moreover, the telecommunications activities, and accommodation and food activities sectors achieved growth rates of 5.9 per cent and 6.2 per cent, respectively. These figures highlight the emirate’s efforts to enhance the tourism sector’s contribution to the GDP. Similarly, the transport and storage activities grew by 14.4 per cent in the first quarter of 2024 compared to the same period last year.
The manufacturing activities showed a growth rate of 1.7 per cent in Q1 2024 compared to the same period last year, contributing 8.7 per cent to the emirate’s GDP. The total quarterly value of this vital sector exceeded AED24.8 billion during the same period, a 102 per cent increase over the past decade.
“The sustained growth in non-oil sectors enhances the emirate’s local and international leadership position, as Abu Dhabi’s competitive investment climate attracts foreign investments, particularly in major activities such as construction, which contributed 8.8 per cent to the overall economy (exceeding AED25 billion in value). This status reflects the emirate steadfastly advancement of its global position, focusing on increasing its GDP, non-oil exports, and the tourism sector’s contribution to the economy,” said Abdulla Gharib Alqemzi, Acting Director General of the Statistics Centre – Abu Dhabi.
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