Abu Dhabi's total GDP saw an increase of 3.5% in Q2 2023 compared to the same period last year and its non-oil economy grew by 12.3% in Q2, owing to the emirate's economic strategies and policies designed to foster development, data from The Statistics Centre - Abu Dhbai (SCAD), revealed.
Abu Dhabi non-oil economic activities have maintained growth in Q2 2023, raising the value of the emirate's real non-oil GDP to 154 billion UAE dirhams ($42 billion), the highest since 2014. This represents a new record for the first quarter of the current year, in which it surpassed AED146 billion, SCAD 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," Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development, said.
According to statistical estimates published by SCAD, growth in economic activity in the construction sector increased by 19.1% year-on-year (YoY), reaching the highest quarterly value added since 2014 at AED25.3 billion.
The financial sector exhibited growth in Q2 2023, reaching its highest growth rate since 2014, at 29.7%. The sector's value added has also escalated to over AED18 billion for the same quarter, a five-year high.
Quarterly growth in the manufacturing sector continued to rise by 7% compared to the same period last year. The sector recorded its highest quarterly value added since 2014, achieving AED25 billion during the Q2 2023.
The wholesale and retail trade activities reached its highest quarterly value since 2014 at AED16.7 billion, contributing 5.8% of the total GDP in Q2 2023.
(Reporting by Seban Scaria; editing by Daniel Luiz)