Statistics Centre – Abu Dhabi (SCAD) has published statistical estimates that show growth of Abu Dhabi’s Gross Domestic Product (GDP) in the first quarter of 2023 by 3.9% compared to the first quarter in 2022, driven by the robust performance of non-oil economic activities in the emirate.
The statistical estimates indicate a remarkable 6.1% growth in non-oil GDP during the first quarter of 2023, propelled by exceptional performances in construction, wholesale and retail trade, transportation and storage, and financial and insurance services. This growth reflects the successful integration of various economic sectors, as a result of the relentless and continuous efforts to maintain the emirate’s economic diversification.
According to estimates, the non-oil GDP (at constant prices) surpassed the highest quarterly value of the past nine years, reaching AED 146 billion in the first quarter of 2023 compared to AED 137.7 billion in the first quarter of 2022, as the total GDP reached AED 276.6 billion. This outstanding growth brought the contribution of non-oil activities to the total GDP to its highest level in eight years at 52.8%.
His Excellency Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said: “Abu Dhabi is committed to strengthening its economic scene by achieving a strong, stable, smart and sustainable knowledge-economy. The non-oil activities have been experiencing strong growth rates of non-oil sectors and share of its contribution to the total GDP to 52.8%, despite mounting challenges in the global landscape.”
H.E. Al Zaabi further added, “Fostering Abu Dhabi’s resilient and diversified economy will continue to be the key focus for decades to come while developing human capital, attracting the best talent, investments, and economic partners. Building upon the latest statistical data, Abu Dhabi is further opening its economy to the world, strengthening the emirate’s appeal as an ideal market for foreign investors, businesses, start-ups, and entrepreneurs from around the world.”
H.E. Abdulla Gharib Alqemzi, Acting Director General of the Statistics Centre – Abu Dhabi, stated, “The quarterly estimates of the Gross Domestic Product statistics reveal the continued growth of the economy of the Emirate of Abu Dhabi at remarkable rates. This growth presents increased opportunities for attracting investments and capital while reflecting the success of the ambitious vision embraced by the wise leadership in enhancing the emirate’s global prominence.”
His Excellency further added, “The first quarter of 2023 witnessed a strong performance of non-oil activities, characterized by exceptional growth rates. These rates have contributed significantly to the overall percentage of this sector’s contribution to the emirate’s GDP, reaching unprecedented levels. This accomplishment showcases the emirate’s success in creating an investment climate that fosters economic awareness among the current and future investor community.”
Unprecedented growth rates in the construction sector
According to the recent data published by the Statistics Centre – Abu Dhabi, the construction activities have demonstrated exceptional performance, achieving the highest quarterly growth rates in nine years during the first quarter of 2023 and the fourth quarter of 2022 in a row. The growth rates stood at 14.4% and 14.5% respectively, compared to the corresponding periods in the previous year.
This impressive growth is attributed to the sector’s appeal to both local and foreign investments, as well as its ability to achieve high completion rates, with a notable increase of 37% in the number of newly completed buildings. As a result, the construction sector contributes 8.5% to the gross domestic product of the Emirate of Abu Dhabi during the first q
Statistics Centre – Abu Dhabi (SCAD) has published statistical estimates that show growth of Abu Dhabi’s Gross Domestic Product (GDP) in the first quarter of 2023 by 3.9% compared to the first quarter in 2022, driven by the robust performance of non-oil economic activities in the emirate.
The statistical estimates indicate a remarkable 6.1% growth in non-oil GDP during the first quarter of 2023, propelled by exceptional performances in construction, wholesale and retail trade, transportation and storage, and financial and insurance services. This growth reflects the successful integration of various economic sectors, as a result of the relentless and continuous efforts to maintain the emirate’s economic diversification.
According to estimates, the non-oil GDP (at constant prices) surpassed the highest quarterly value of the past nine years, reaching AED 146 billion in the first quarter of 2023 compared to AED 137.7 billion in the first quarter of 2022, as the total GDP reached AED 276.6 billion. This outstanding growth brought the contribution of non-oil activities to the total GDP to its highest level in eight years at 52.8%.
His Excellency Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said: “Abu Dhabi is committed to strengthening its economic scene by achieving a strong, stable, smart and sustainable knowledge-economy. The non-oil activities have been experiencing strong growth rates of non-oil sectors and share of its contribution to the total GDP to 52.8%, despite mounting challenges in the global landscape.”
H.E. Al Zaabi further added, “Fostering Abu Dhabi’s resilient and diversified economy will continue to be the key focus for decades to come while developing human capital, attracting the best talent, investments, and economic partners. Building upon the latest statistical data, Abu Dhabi is further opening its economy to the world, strengthening the emirate’s appeal as an ideal market for foreign investors, businesses, start-ups, and entrepreneurs from around the world.”
H.E. Abdulla Gharib Alqemzi, Acting Director General of the Statistics Centre – Abu Dhabi, stated, “The quarterly estimates of the Gross Domestic Product statistics reveal the continued growth of the economy of the Emirate of Abu Dhabi at remarkable rates. This growth presents increased opportunities for attracting investments and capital while reflecting the success of the ambitious vision embraced by the wise leadership in enhancing the emirate’s global prominence.”
His Excellency further added, “The first quarter of 2023 witnessed a strong performance of non-oil activities, characterized by exceptional growth rates. These rates have contributed significantly to the overall percentage of this sector’s contribution to the emirate’s GDP, reaching unprecedented levels. This accomplishment showcases the emirate’s success in creating an investment climate that fosters economic awareness among the current and future investor community.”
Unprecedented growth rates in the construction sector
According to the recent data published by the Statistics Centre – Abu Dhabi, the construction activities have demonstrated exceptional performance, achieving the highest quarterly growth rates in nine years during the first quarter of 2023 and the fourth quarter of 2022 in a row. The growth rates stood at 14.4% and 14.5% respectively, compared to the corresponding periods in the previous year.
This impressive growth is attributed to the sector’s appeal to both local and foreign investments, as well as its ability to achieve high completion rates, with a notable increase of 37% in the number of newly completed buildings. As a result, the construction sector contributes 8.5% to the gross domestic product of the Emirate of Abu Dhabi during the first quarter of 2023.
