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Abu Dhabi non-oil GDP up 6.6% in second quarter: SCAD

Abu Dhabi non-oil GDP grew by 6.6 percent in Q2 2024. (WAM)
  • The construction sector achieved remarkable growth rates of 11.5 percent in the second quarter of 2024, compared to the same period in 2023.
  • It is estimated that the financial sector grew by 13.4 percent in the second quarter of 2024, compared to the same period in 2023.

Abu Dhabi, UAE — Abu Dhabi’s GDP increased by 4.1 percent during the second quarter of 2024, compared to the same period in 2023, according to the preliminary estimates revealed by the Statistics Centre – Abu Dhabi (SCAD).

SCAD data said Abu Dhabi’s GDP continued to record growth in total value, exceeding AED 297 billion during the second quarter of 2024, which boosted the growth of the emirate’s non-oil economy during the first half of 2024 by 5.7 percent, driving the overall economy to grow by 3.7 percent compared to the first half of 2023.

Preliminary estimates indicate that all non-oil activities will grow, leading to a 6.6 percent rise in non-oil GDP to the highest quarterly value of AED 164.2 billion, and an increase in the contribution of non-oil economic activities to the emirate’s economy to more than 55.2 percent, the highest since the fourth quarter of 2014.

The construction sector achieved remarkable growth rates of 11.5 percent in the second quarter of 2024, compared to the same period in 2023, and recorded its highest quarterly value of AED 27.5 billion, and the sector’s contribution to the emirate’s GDP reached 9.3 percent, the highest percentage since 2015.

Manufacturing industries continued to grow by 2.6 percent during the second quarter of 2024, compared to the same period in 2023, with the sector recording its highest quarterly value of AED 26.8 billion, and contributing 9 percent to the emirate’s GDP during the second quarter of 2024.

It is estimated that the financial sector grew by 13.4 percent in the second quarter of 2024, compared to the same period in 2023, contributing to the emirate’s GDP by 7.4 percent, and its value added increased to its highest level, reaching about AED 22 billion, which enhances the emirate’s competitiveness at the local and global levels, and consolidates its position as an attractive destination for investments.

The wholesale and retail trade sector grew by 3.3 percent in the second quarter of 2024, compared to the same period in 2023, contributing 5.5 percent to the emirate’s GDP during the second quarter of 2024, achieving the best performance in terms of value, exceeding AED 16 billion.

The outstanding performance of key sectors is reflected in the performance of other economic sectors, including transport and storage, and real estate activities, which during the second quarter of 2024 achieved a growth of 15.2 percent and 5.5 percent respectively, compared to the same period in 2023 with a total value of AED 7 and AED 10 billion respectively. The contribution of these two sectors to GDP was 2.4 percent and 3.4 percent, respectively.

The information and communications sector grew by 4.4 percent and increased in value by AED 8.5 billion, exceeding the previous record set in the same period in 2023. The contribution of this sector to the emirate’s GDP reached 2.8 percent during the second quarter of 2024, reflecting the importance of investing in this vital sector, and the success of the wise policies set by the government to develop information and communication services in the emirate.

It is noteworthy that the non-oil economy of the Emirate of Abu Dhabi has achieved remarkable growth rates during the last period, recording a growth of 4.7 percent during the first quarter of 2024, and 9.1 percent during 2023 compared to 2022, proving its ability to expand in light of the growth of major non-oil economic activities such as industry, finance, construction and building.

Ahmed Jassim Al Zaabi, Chairman of the Department of Economic Development – Abu Dhabi, said: “The continued strong performance of our economy over the past years is an affirmation of its flexibility and vitality in dealing proactively and positively with major changes in the global economy, supported by our initiatives and endeavors to accelerate the transition towards a diversified, smart and sustainable economy.

“Our initiatives contribute to strengthening a dynamic business ecosystem characterized by global competitiveness, providing opportunities for all and empowering them to achieve their full potential, and as we move to the next stage of development, the growing ‘Falcon Economy’ is leveraging the capabilities of advanced technology to accelerate economic growth while placing human development and sustainability at the forefront of our priorities.”

Abdulla Gharib Al Qamzi, Director General of SCAD, said that the positive change in the emirate’s GDP reflects an exceptional performance represented by continuous growth and record increase in its total value, thanks to the outstanding contribution of vital sectors such as manufacturing, construction and finance, which achieved the highest quarterly value, bringing the total value of the non-oil economy to its highest level of AED 164.2 billion, compared to the record value achieved in the same period in 2023 at 154 billion dirhams.”

He added that this strong performance confirms the ability of the emirate’s economy to adapt to global fluctuations and challenges, reinforcing Abu Dhabi’s position as an ideal destination thanks to the cumulative growth of non-oil economic sectors and activities.