ABU DHABI, UAE – The Statistics Center – Abu Dhabi (SCAD) has released the Gross Domestic Product (GDP) estimates report for 2022, unveiling a remarkable 9.3 percent growth by the end of the year, compared to 2021.
The new figures position the Emirate as the fastest-growing economy in the Middle East and North Africa region.
Abu Dhabi’s impressive growth across its diverse sectors during 2022 is attributed to its robust economic framework, coupled with a collaborative approach from both the public and private sectors.
As per the estimates issued by SCAD, in the fourth quarter of 2022, Abu Dhabi achieved real GDP growth of 5.9 percent worth US$75 billion (AED 278.3 billion) compared to the same period in 2021.
The contribution of non-oil sectors to GDP reached 50.2 percent to record US$38 billion (AED 139.6 billion) of the GDP total value during the fourth quarter of 2022.
According to 2022 GDP estimates, the non-oil sectors witnessed a notable growth of US$11 billion (AED 43 billion), bringing the total to US$151 billion (AED 554.6 billion).
This resulted in the non-oil sectors contributing 50 percent to the GDP.
It also reflects the success of Abu Dhabi’s diversification strategy efforts led by the Abu Dhabi Department of Economic Development, (ADDED) which included nurturing a business- supportive environment, a robust regulatory framework, and unparalleled connectivity and infrastructure to enhance its capabilities to achieve a sustainable and smart economic development.
The emirate has been taking strategic steps to diversify its economy while maintaining a prudent fiscal policy and progressively responding to the market needs and trends, including initiatives to further enhance legal and regulatory frameworks to encourage foreign direct investment and promote its domestic investments.
The Abu Dhabi Industrial Strategy (ADIS), launched in June 2022, plays a major role in diversifying the emirate’s economy.
ADIS aims to strengthen the emirate’s position as the region’s most competitive industrial hub by investing US$2.7 billion (AED10 billion) across a number of programs to more than double the size of the sector to US$46.8 billion (AED172 billion), create 13600 new jobs, and increase the emirate’s non-oil exports to US$48.6 billion (AED178.8 billion) by 2031.
Chairman of the Abu Dhabi Department of Economic Development (ADDED) Ahmed Jasim Al Zaabi said, “The continued strong performance of Abu Dhabi’s economy is a testament to the leadership’s farsighted vision and effectiveness of economic diversification strategy which champions public-private partnership and incentivizes foreign and domestic investments.”
Hde said, “ADDED views Abu Dhabi’s achievements that have cemented its position as a preferred destination for business, investment and talents as a foundation of the next phase of our development Economic Diversification 2.0.”
He added, “That is why we are forging ahead with our plans to develop and implement policies and initiatives to address geopolitical, economic, scientific and technological developments reshaping the economy.”
Acting Director General of the Statistics Centre – Abu Dhabi Abdulla Gharib Alqemzi said, “Abu Dhabi has registered a remarkable 8.4 percent increase in its non-oil gross domestic product by the end of 2022.”