Abu Dhabi Reports 4.1% Growth In GDP In Second Quarter Of 2024
The continued expansion of non-oil sectors is the major factor behind the growth.
Update: 2024-10-01 08:31 GMT
The preliminary estimates released by the Statistics Centre – Abu Dhabi (SCAD) indicate that the emirate witnessed a 4.1% growth in the gross domestic product (GDP) during the second quarter of this year, compared to the same period in 2023. The continued expansion of non-oil sectors is the major factor behind the growth.
As per the estimates, Abu Dhabi’s GDP value for the second quarter reached a new record, surpassing AED297 billion. The non-oil activities of Abu Dhabi saw continuous growth, with non-oil GDP increasing by 6.6% in Q2 2024, reaching a record AED164.2 billion. During the second quarter, the construction activities registered an increase of 11.5%, reaching the highest quarterly value of AED27.5 billion. The contribution of this sector to Abu Dhabi's GDP increased to 9.3%, and it is the highest since 2015.
Preliminary estimates reveal that #AbuDhabi’s economy grew by 4.1 percent in Q2 2024 compared to Q2 2023, reaching a new record value of over AED 297 billion.
— Statistics Centre - Abu Dhabi (@adstatistics) October 1, 2024
Expansion of non-oil sectors, which increased by 6.6 percent in Q2 2024, reaching a record AED 164.2 billion. #SCAD pic.twitter.com/P2MIRw5UXB
Meanwhile, manufacturing activities expanded by 2.6% in this period, with its quarterly value rising to AED26.8 billion. The finance and insurance activities contributed 7.4% to GDP, and the sector reported an impressive 13.4% growth in Q2 2024. The transportation and storage and real estate activities grew by 15.2% and 5.5%, respectively, in the second quarter.