Abu Dhabi, UAE—Abu Dhabi’s Gross Domestic Product (GDP) expanded by 11.2 percent in the first half of 2022, compared to the same period last year, according to the Statistics Centre-Abu Dhabi (SCAD).
According to estimates announced by SCAD, the quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022 which hit 11.7 percent compared to the same quarter last year.
At the end of the first half of 2022, the real GDP value (at constant prices) exceeded AED543 billion ($147 billion), and the value of the non-oil sectors’ GDP increased AED28.4 billion compared to the same period last year to reach AED273 billion in total.
All non-oil activities, sectors show positive growth
The statistical estimates show that all non-oil economic activities and sectors showed positive growth rates at constant prices during the first half of 2022, most notably, the health and social work activity rising at a rate of 29.9 percent, followed by accommodation and food services at a rate of 29.3 percent, and professional, scientific and support services at a rate of 27.2 percent.
Wholesale and retail trade activity grew at a rate of 23.7 percent, real estate activities at a rate of 19.1 percent, and electricity, gas, water, and waste management at 18.0 percent, followed by 13.8 percent for transportation and storage.
Economic activities’ contribution to GDP
Economic activities that contributed to the GDP of the emirate at constant prices during the first half of 2022 included manufacturing activities with the contribution of 8.1 percent, while showing a growth rate of 10.2 percent. In addition, the construction and building activity contributed to the real GDP with 7.7 percent, and achieved a growth rate of 6.9 percent, followed by the wholesale and retail trade activity that contributed 5.9 percent to the GDP.
The financial and insurance activities contributed 5.5 percent to the GDP, with a growth rate of 9.1 percent during the first half of 2022 compared to the same period last year.
Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said, “Economy’s positive growth rates in Abu Dhabi reflect the profound strength and success of the economic diversification policy, which contributed to the economy’s resilience and ability to address global changes posed by geopolitical and economic factors that directly affected strategic sectors such as energy and international trade.”
Contribution of oil and non-oil sectors to GDP
According to data released by SCAD, the mining and quarrying activities (including crude oil and natural gas) contributed 49.7 percent to the real GDP, which means non-oil activities contributed 50.3 percent at constant prices defying the noticeable increases of global oil prices during the same period.