The Statistics Centre – Abu Dhabi (SCAD) has announced statistical estimates revealing the growth of Abu Dhabi’s gross domestic product (GDP) by 3.3 per cent during the first quarter of 2024 compared to the first quarter of 2023. This growth is attributed to the positive performance of non-oil economic activities.
Estimates indicate that non-oil GDP increased by 4.7 per cent during the first quarter of 2024, driven by growth across all non-oil economic sectors. The transportation, construction and building, financial activities, and accommodation and food activities, demonstrated the greatest performance. These positive results reflect the impact of the economic diversification policies implemented by the government.
According to statistical estimates, the contribution of non-oil activities to the overall economy of the Emirate of Abu Dhabi reached the highest level since 2015 at 54.1 per cent. Specifically, the quarterly value of the non-oil economy exceeded its previous record, reaching Dh154.7 billion during the first quarter of 2024. The total value of the emirate’s economy (including both oil and non-oil sectors) reached Dh286 billion during this period.
His Excellency Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said: “Our economy continues to deliver consistent, stellar growth, reaffirming its resilience and dynamism to navigate headwinds and global challenges impacting all economies and sectors. Guided by the leadership’s far-sighted vision and backed by strong fundamentals, Abu Dhabi’s soaring Falcon Economy has taken great strides to accelerate growth and transition to a smart, diversified, inclusive and sustainable economy.”
“With a 3.3 per cent rise of total GDP and 4.7 per cent of non-oil economy in first three months of 2024, we are forging ahead with our strategies to cement Abu Dhabi’s position as a global magnet for outstanding talents, businesses and investments to grow and expand from the emirate and shape a brighter future for all. Our attributes as Capital of Capital are attracting global financial powerhouses to Abu Dhabi, supporting the financial activities to grow by 9.7 per cent, and supercharging non-oil sectors, which have contributed 54.1 per cent to total GDP in Q1 2024.”
Abdulla Gharib Alqemzi, Acting Director General of the Statistics Centre – Abu Dhabi, said: “The sustained growth in non-oil sectors enhances the emirate’s local and international leadership position, as Abu Dhabi’s competitive investment climate attracts foreign investments, particularly in major activities such as construction, which contributed 8.8 per cent to the overall economy (exceeding Dh25 billion in value). This status reflects the emirate steadfastly advancement of its global position, focusing on increasing its GDP, non-oil exports, and the tourism sector’s contribution to the economy.”
According to the results, the construction activities achieved a growth rate of 9.5 per cent during the first quarter of 2024 compared to the same period last year. It contributed 8.8 per cent to the overall economy—the highest in the past five years. This attractiveness for local and foreign investments is evident in the consistent quarterly growth of 22.6 per cent over the past decade. This growth has coincided with an increase in the number of real estate units in the emirate, totalling 754,555 units since 2011.
In the same context, the finance and insurance activities achieved 9.7 per cent growth in Q1 2024 compared to the same quarter last year. The contribution of this sector to the emirate’s economy stands at 7 per cent, which reflects the successful economic policy in Abu Dhabi and its position as the capital of capital. The value added of this sector witnessed an increase of 39 per cent over the past ten years, reaching Dh20 billion in Q1 2024.
Moreover, the telecommunications activities, and accommodation and food activities achieved growth rates of 5.9 per cent and 6.2 per cent, respectively, in Q1 2024 compared to Q1 last year. These figures highlight the emirate’s efforts to enhance the tourism sector’s contribution to the GDP. Similarly, the transport and storage activities grew by 14.4 per cent in the first quarter of 2024 compared to the same period last year.
The manufacturing activities showed a growth rate of 1.7 per cent in Q1 2024 compared to the same period last year, contributing 8.7 per cent to the emirate’s GDP. The total quarterly value of this vital sector exceeded Dh24.8 billion during the same period—a 102 per cent increase over the past decade.
Abu Dhabi’s continuous growth rates are the outcome of strategic initiatives focused on economic diversification, industrial sector development, and encouraging foreign investments, which is notably reflected in the high performance of the non-oil GDP, exceeding 9.1 per cent in 2023.
ALETIHAD
