Abu Dhabi's GDP Reports 3.3% Increase In First Quarter Of 2024
According to the estimates, non-oil GDP increased by 4.7% during the first quarter, driven by growth across all non-oil economic sectors
Update: 2024-07-16 07:29 GMT
Abu Dhabi's gross domestic product (GDP) has marked 3.3% growth during the first quarter of 2024 compared to the first quarter of 2023. The statistical estimates were released by the Statistics Centre - Abu Dhabi (SCAD). According to the estimates, non-oil GDP increased by 4.7% during the first quarter, driven by growth across all non-oil economic sectors.
The Abu Dhabi Media Office mentioned in its report that various sectors, including construction and building, transportation, and financial activities, registered significant performance. Notably, the contribution of non-oil activities to the overall economy of the emirate reached its highest level since 2015 at 54.1%. The total value of Abu Dhabi's economy, including both oil and non-oil sectors, reached AED 286 billion during the first quarter.
.@adstatistics has reported Abu Dhabi's GDP grew by 3.3 per cent in Q1 2024, driven by a 4.7 per cent increase in non-oil economic activities which reached the highest value at AED 154.7 billion, making the biggest contribution to the total GDP at 54.1 per cent since 2015. pic.twitter.com/DnloFH8Fx8
— مكتب أبوظبي الإعلامي (@ADMediaOffice) July 16, 2024
As per the report, construction activities achieved 9.5% growth in the first quarter and contributed 8.8% to the emirate's economy. This contribution is the highest in the past five years. Meanwhile, finance and insurance activities achieved a growth rate of 9.7% during this period. The contribution of this sector to the overall economy stands at 7%. Additionally, telecommunications activities and accommodation and food activities achieved growth rates of 5.9% and 6.2%, respectively, during the first quarter. The growth rate of manufacturing activities was 1.7% in Q1 2024 and contributed 8.7% to Abu Dhabi's GDP.