Monday, Sep 24, 2012
Abu Dhabi: A forecast by the Economic Department of Abu Dhabi on Monday indicated a 3.9 per cent growth for the emirate’s gross domestic product (GDP) in 2012.
Launching the results of a report titled ‘Economic Horizons of Abu Dhabi 2012-2016’, Mohammad Omar Abdullah, Undersecretary of Abu Dhabi’s Department of Economic Development (DED), said the emirate’s economy is undergoing a new phase of progress and improvement as it diversifies in line with the strategic Abu Dhabi Economic Vision 2030.
“Such a gradual growth is expected to continue in the coming years to reach a rate of 5.7 per cent during 2013-2016,” the report said, adding that it expects the real development rate of non-oil GDP to reach 5.5 per cent in 2012, supported by the implementation of big projects in the private sector.
“Such growth rate is going to reach 6.5 per cent average during 2013-2016 as private sector investments will continue to grow after fulfilling the infrastructure in freezones and other areas in the emirate,” the report added.
Abdullah said that in recent years, economic and political developments globally and regionally had proven the solidity of the Abu Dhabi economy and its ability to surpass all challenges.
Safe investment haven
“Oil revenues availed Abu Dhabi the opportunity to implement economic development plans and programmes as well as investment projects. These revenues also consolidated the common belief within the realm of global investments in the strength of the emirate as a secure haven for investment. That has created clear development horizons and steady economic growth,” he added.
According to the report, the general index of business atmosphere during the second quarter of 2012 witnessed an increase compared to the first quarter, which reflects “optimism of the economic establishments in their outlook of Abu Dhabi as a secure haven for investment as the country enjoys security and stability.”
The report said forecasts indicated that Abu Dhabi’s overall exports witnessed a 30 per cent increase (real prices) during 2012.
“Such a growth will increase in line with the improvement in the world economic situation and increase of oil demand as shown in the following figures. Exports growth rate will rise up to 7.9 per cent during 2013-2016 on average,” it added.
As for Abu Dhabi’s imports, the forecasts are for a 6.1 per cent increase during 2012, in line with the increase of family consumption levels and growth in private and government investment, the report added.
By Himendra Mohan Kumar Staff Reporter
Gulf News 2012. All rights reserved.
