The share of GDP of the non-oil sector of the Abu Dhabi economy increased by 12.3% in the second quarter
The share of GDP of the non-oil sector of the Abu Dhabi economy increased by 12.3% in the second quarter of this year, reaching 154 billion dirhams (US$ 41.96 billion), which is the highest since 2014, due to the continued diversification of the emirate’s economy.
The emirate’s total GDP for the second quarter of this year also grew by 3.5% year-on-year, reinforcing the “competitiveness and sustainability” of the Abu Dhabi economy, which helped it cope with global crisis phenomena, as the Abu Dhabi Statistical Center reported on Monday, October 2, 2023.
According to the Government of the emirate, economic activity in the non-oil sector has contributed to the development of Abu Dhabi since the first quarter of this year, when its share of GDP reached a record of 146 billion dirhams.
The value of Abu Dhabi’s total real GDP in the second quarter also reached a record of 287 billion dirhams.
According to the Abu Dhabi Statistical Center, the steady growth of the non-oil sector has increased its share in the emirate’s GDP to 53.7%.
Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development (ADDED), said, “The continued strong performance of Abu Dhabi’s economy despite mounting challenges in the global economic landscape reaffirms success of the emirate’s diversification strategy and adaptability to markets’ shifts.
Last year, the emirate launched a new industrial strategy aimed at increasing the contribution of this sector to the development of the economy.
Abu Dhabi authorities are investing 10 billion dirhams in six industrial programs in order to double the share of the manufacturing sector in the emirate’s economy to 172 billion dirhams by 2031.
Abu Dhabi’s economy grew by 9.3% year-on-year in 2022, which was the highest in the Middle East and North Africa region – the emirate’s total GDP exceeded 1.1 trillion dirhams.
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