The Statistics Centre – Abu Dhabi (SCAD) has reported a substantial 7.7% growth in Abu Dhabi’s real non-oil GDP during the third quarter of 2023 compared to the same period in 2022.
The growth is attributed to the success of Abu Dhabi’s strategies to reinforce its position as a leading economic force. Preliminary estimates by SCAD reveal sustained growth rates in various non-oil activities, contributing 52.8% to the overall economy despite global fluctuations in oil and gas markets.
The emirate’s economy reached its highest quarterly value at Dh290.5 billion, showing a positive growth of 1% in real gross domestic product during Q3-2023 compared to the same quarter the previous year, despite oil price declines.
The statistical results show a 2.8% growth in real GDP over the first nine months of 2023 compared to the same period in 2022, with a robust 8.6% expansion in non-oil activities during the same timeframe.
“These results, with a 2.8% growth in real total GDP and an impressive 8.6% rise of non-oil GDP during the first nine months of 2023, reaffirm our strong foundation and robust frameworks, paving the way to the “Falcon Economy’ to soar further and farther,” said Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED). “Backed by ongoing diversification strategic programmes, growing engagement of the private sector, and initiatives to attract more quality FDIs and DDIs, Abu Dhabi is cementing its status as a preferred destination for talents, investments, and businesses.”
“We remain committed to continuously and proactively enhance our vibrant, globally competitive, and entrepreneurial ecosystem to generate lasting opportunities for all, enabling them to reach their full potential while placing human development and sustainability at the heart of our socio-economic strategies,” he added.
The manufacturing sector, a key non-oil activity, contributed over 17% to the non-oil GDP and 9% to the overall GDP in Q3-2023, reaching a value of Dh26.3 billion. This reflects the success of diversification initiatives like the Abu Dhabi Industrial Strategy (ADIS) aimed at bolstering the emirate’s competitiveness as an industrial hub.
Construction activity maintained positive momentum, achieving a growth rate of 14.3% in Q3-2023 compared to the same period in 2022. The value reached Dh25 billion, contributing more than 16.3% to the non-oil GDP and 8.6% to the total economy.
Across various non-oil sectors, significant growth was observed, such as the transport and storage sector, which experienced a remarkable 20% growth in Q3-2023 year-on-year. This surge was due to the substantial expansion of the shipping container market and the increased volume of flights and passengers.
Financial and insurance activities also saw growth, increasing by 14.4% during Q3-2023 compared to last year, reaching a value of Dh18.7 billion, contributing 6.4% to the emirate’s gross domestic product.
Abu Dhabi’s robust economic growth influenced foreign investment, witnessing a 9.7% increase in total foreign investments throughout 2022, surpassing Dh831 billion.
Amid varying economic performances in the MENA region, Abu Dhabi emerged as one of the fastest-growing economies, underscoring its competitive and attractive investment climate and resilience in fostering a thriving economic landscape.
