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The UAE capital’s GDP reached AED1.14 trillion ($310 billion) in 2023, according to The Statistics Centre – Abu Dhabi.
The emirate’s non-oil economy and real GDP grew by 9.1% and 3.1% during 2023 with non-oil contributing to more than 53% of the emirate’s GDP. Non-oil economic growth was almost on a par with 2022, during which it reached 9.2%.
The overall economy grew 4.1% year-on-year during the fourth quarter of 2023, the data showed.
A statement from Abu Dhabi Media Office said the emirate’s gross domestic product in 2023 achieved its best performance in terms of value in ten years despite challenges and global markets fluctuations.
The data showed construction activities up by 13.1% YoY with added value reaching AED 97 billion, contributing 8.5% to the emirate’s gross domestic product.
Manufacturing reached AED101 billion, representing 8.8% GDP and was the largest non-oil contributor to overall GDP during this period compared to 2022.
Financial and insurance achieved the highest growth rate at 25.5%, reaching AED 79 billion or 6.9% of GDP, while wholesale and retail trade activities grew by 7.9% to reach AED 63 billion or 5.5% of GDP.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
