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|17 October, 2018

Abu Dhabi’s Q2 GDP up 15.3% to top $63bln

Non-oil component continued to constitute the largest share of the emirate's GDP

Image used for illustrative purpose. Skyscrapers in Corniche Bay in Abu Dhabi, UAE. Turquoise water is seen on the left.

Image used for illustrative purpose. Skyscrapers in Corniche Bay in Abu Dhabi, UAE. Turquoise water is seen on the left.

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The GDP of Abu Dhabi at current prices grew to Dh232.7 billion ($63.3 billion) in the second quarter (Q2) of 2018, up 15.3 per cent to from Dh201.8 billion in the second quarter of 2017, a report said.

Abu Dhabi's oil GDP grew by 36.0 per cent to Dh94.8 billion during Q2 2018, up from 69.7 in Q2 2017, constituting 40.7 per cent of the emirate's second quarter GDP, added the Quarterly National Accounts Report released recently by Statistics Centre – Abu Dhabi (SCAD) for the second quarter of 2018.

Non-oil GDP increased by 4.4 per cent from Dh132.1 billion in Q2 2017 to Dh137.9 billion in Q2 2018 making up 59.3 per cent of the emirate's GDP at current prices for the second quarter of 2018.

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A break-down of the results by institutional sector at current prices shows a 16.5 per cent rise in the value added of non-financial corporations in the second quarter of 2018 compared with the same quarter of 2017. Meanwhile the value added of the financial corporations sector increased by 11.5 per cent, the general government sector by 7.6 per cent and the household sector by 3.4 per cent.

SCAD's board chairman Rashid Lahej Al Mansoori said: "Despite the significant increase in the value-added of the oil sectors during the reporting period, the non-oil component continued to constitute the largest share of the emirate's GDP for the period under review, indicating that the economy is undergoing structural changes and becoming more capable of achieving sustainable growth.

“Furthermore, the abundance of financial assets and the recent stimulus policies adopted by the wise leadership strongly support this transformation; enhancing the confidence of local and international investors.”

Khalifa Al Mansouri, Undersecretary of the Abu Dhabi Department of Economic Development (DED), noted that the results presented in SCAD's National Accounts Report for Q2 2018 are in consistent with the DED's Economic Performance Follow-up Report for the same quarter, which shows varying increases in both composite an auxiliary indices, reflecting the continued satisfaction of investors, the private sector, and consumers, and the outstanding performance of government policies.

Al Mansouri observed that these results support the recent stimulus package adopted by Abu Dhabi Government, specifically the point on stimulating business and investment within the program "Ghadan 21" (Arabic for Tomorrow 21), with a primary focus on improving the competiveness of the business environment, supporting the growth small- and medium-sized enterprises, enhancing transparency and interaction, in addition to supporting private sector companies in the targeted economic sectors.

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