Abu Dhabi's GDP grew by 11.2% in the first half of 2022 compared with the same period last year driven by growth in both oil and non-oil sectors, government data showed. For the second quarter, the growth was 11.7% on year, the strongest growth recorded in six years.
The emirates economy topped 543 billion dirhams ($147.9 billion) at the end of the six-month period, the Abu Dhabi Media Office said on Thursday citing data issued by the Statistics Centre – Abu Dhabi (SCAD).
The value of the non-oil sector’s contribution to the GDP increased by AED28.4 billion compared to the same period last year to reach AED273 billion in total.
Mining and quarrying activities, which includes the oil & gas sector, accounted for nearly half of GDP. Other key sectors include manufacturing, which accounted for 8.1% of activity and expanded 10.2% year-on-year, while construction made up 7.7% and grew 6.9%. The strongest growth rate was recorded by the health and social work sector which expanded 29.9%.
Earlier this week, IMF projected the UAE to grow at over 6% driven a strong rebound in domestic activity and higher oil prices.
(Reporting by Brinda Darasha; editing by Daniel Luiz)