Abu Dhabi’s non-oil GDP has grown by 7.7% in Q3 and 8.6% in first nine months of 2023, compared to the same period in 2022, the emirate’s media office reported today citing data from the Statistics Centre Abu Dhabi (SCAD).

Preliminary estimates released by SCAD reveal that most of non-oil activities have sustained growth rates, contributing 52.8% to the overall economy.  

The emirate's economy reached its highest quarterly value at AED290.5 billion, posing a growth of one per cent in real gross domestic product during Q3 2023 compared to the same quarter the previous year, despite the decline in oil prices.

The statistical results showed a 2.8% growth in real GDP over the first nine months of 2023 compared to the same period last year and a robust 8.6% expansion in non-oil activities during the same timeframe.

Manufacturing activities, which is a leading non-oil activity, reached a value of AED26.3 billion, contributing over 17% to the non-oil GDP and 9% to the overall GDP in the third quarter of 2023.

Construction activity achieved a growth rate of 14.3% during the third quarter of 2023 compared to the same period in 2022. The value of construction activity reached AED25 billion, contributing more than 16.3% to the non-oil GDP and 8.6% to the total economy during the third quarter of 2023.

(Reporting by Seban Scaria; editing by Daniel Luiz)
(seban.scaira@lseg.com)