Media ININ Economy We Trust
October 2
The Statistics Center – Abu Dhabi announced that the non-oil economy of the Emirate of Abu Dhabi increased by a significant rate of 12.3% in the second quarter of 2023, compared to the second quarter of 2022, with the emirate’s gross domestic product recording a growth of 3.5% during the same period, which reflects the competitiveness and flexibility of the emirate’s economy. In the face of global economic challenges.
The Center’s estimates indicate that all non-oil economic activities continued to grow during the second quarter of 2023, with the emirate’s real non-oil GDP recording its highest quarterly value since 2014, amounting to 154 billion dirhams, after achieving a record value in the first quarter of the year. itself exceeded 146 billion dirhams.
First half
According to preliminary figures published by the Statistics Center – Abu Dhabi, the emirate’s real GDP in the second quarter of 2023 reached its highest level at a value of 287 billion dirhams, driven by the growth of all non-oil sectors, and the continued expansion of their share in the GDP to reach 53.7%, which strengthened The emirate’s non-oil GDP grew by 9.2% in the first half of 2023, compared to the same period in 2022.
Ahmed Jassim Al Zaabi, Chairman of the Department of Economic Development – Abu Dhabi, said: “The continued strong performance of Abu Dhabi’s economy, in light of the increasing challenges in the global economic scene, confirms the success of the economic diversification strategy pursued by the emirate and its ability to adapt to the fluctuations witnessed in global markets. This reflects the success of our comprehensive strategies, wise policies and measures taken to deal with economic cycles and the business stimulating system in strengthening the emirate’s position as an influential economic force and a preferred destination for talent, business and investments. We renew our commitment to achieving the goals of the Falcon Economy to reach new horizons of sustainable development.”
Economic diversification
Abu Dhabi’s economy continues its strong and positive growth in the first six months of 2023, benefiting from ongoing economic diversification efforts, accelerating growth in non-oil activities, and relying on a strong economic infrastructure, competitive legislative frameworks, vital reforms, and proactive policies and initiatives, such as the Abu Dhabi Industrial Strategy, which Since its launch in June 2022, it accelerates the transformation of industrial activities and strengthens the emirate’s position as a more competitive industrial center in the region.
Abdullah Gharib Al Qamzi, Acting Director General of the Statistics Center – Abu Dhabi, said: “The non-oil sectors are still achieving exceptional growth rates that confirm the status of the emirate’s economy and its ability to face the challenges that the global economy is going through. Quarterly statistical estimates of gross domestic product prove that the emirate’s economy provides a competitive advantage to investors, thanks to the accumulated growth of vital economic sectors. This significant growth has contributed to increasing the total value of the emirate’s economy to its highest value in the second quarter of 2023, to reach 287 billion dirhams thanks to the significant contributions of the manufacturing, building and construction sectors, and the financial sector.”
Sector performance
Statistical estimates published by the Statistics Center – Abu Dhabi indicate that the construction sector continues to achieve exceptional growth rates in the second quarter of 2023, reaching 19.1%, compared to the same quarter of 2022, recording the highest quarterly value since 2014, at a value of 25.3 billion dirhams, amounting to Its contribution to the emirate’s gross domestic product is 8.8%, thanks to its ability to achieve high completion rates.
The manufacturing sector continued to grow by 7% compared to the same period last year, with the sector recording its highest quarterly value added since 2014, achieving about 25 billion dirhams during the second quarter of 2023, reaching its highest percentage of contribution to the gross domestic product in a quarter of a year with a value of 8.7%, with a contribution to non-oil GDP of 16.2% during the same period.
The wholesale and retail trade sector achieved its highest quarterly added value since 2014, at a value of 16.7 billion dirhams, bringing its contribution to the total GDP during the second quarter of 2023 to 5.8%. The overall growth rate in this sector reached 13.4% during the same period.
The value of the information and communications sector and the public health sector also reached their highest level since 2014, with a value of 8 billion dirhams and a quarterly growth rate of 14.5% for the first sector, and a value of 4.6 billion dirhams and a quarterly growth rate of 14.5% for the second sector in 2023, compared to the same period in the year. 2022, which reflects the positive impact of the wise economic policies followed by the Abu Dhabi government to develop information, communications and public health services.
the financial sector
Statistics for the second quarter of 2023 indicate exceptional growth for the financial sector, as it achieved the highest growth since 2014 at a rate of 29.7%, with the value of this sector growing to its highest quarterly value in five years, reaching more than 18 billion dirhams thanks to the financial and banking policies followed by the emirate. To enhance its competitive position locally and internationally.
Estimates indicate that the transportation and storage sector and the accommodation and food services sector will also flourish, as the growth rate of the first reached 16.9%, and the second 13.6% during the second quarter of 2023, compared to the same period in 2022.
