Abu Dhabi: Abu Dhabi’s gross domestic product (GDP) reached around Dh200 billion by the end of the third quarter of 2015, with a growth rate of 5.5 per cent compared to the same period in 2014.
According to the latest Economic Performance Report, which was issued by the Abu Dhabi Department of Economic Development (Added) Studies Department, non-oil GDP grew at a rate of 7.1 per cent during the third quarter of 2015, compared a rate of 3.9 per cent for oil GDP.
Ali Al Mansouri, chairman of the department, pointed that the relative contribution in current prices of non-oil activities to Abu Dhabi’s GDP reached 65 per cent in the quarter — up from 49 per cent in 2014.
He added that factors such as falling oil prices, weaker performance of emerging markets and commodity-exporting markets, and challenges in the economies of China, Russia, and Brazil have affected some of Abu Dhabi’s growth indicators. These include indicators on the optimism of consumers and the business community in 2015 compared to 2014 that showed a decline.
Other economic indicators registered growth, however, reflecting an opportunity for Abu Dhabi to transform the challenges related to the global economy.
“The performance of the general indicator of Abu Dhabi business cycle in 2015 was affected by the performance of sub-indicators, which were also affected by some economic challenges, internally and externally, as a result of a number of developments. [These include] fluctuating oil prices and difficulties facing global and regional stock exchanges in the same year, and the increase of inflation rate in Abu Dhabi, given that the indicator level in [the fourth quarter] of 2015 showed signs of business community adaptation with the existing economic challenges,” Al Mansouri said.
The report also showed that total value of Abu Dhabi’s non-oil commodity foreign trade between January to September 2015 reached Dh123.4 billion — up 9.5 per cent compared to the same period in 2014.
This was due to a higher rate of individual non-oil commodity exports, which went up 63.8 per cent, with the value of exports reaching Dh23.6 billion during the same period of 2015.
Imports were also up 8.2 per cent to Dh86.6 billion, while re-exports dropped 27.7 per cent to about Dh13.2 billion.
In the labour market, the results of the demand indicators showed enhanced performance in Abu Dhabi, with the private sector continuing to create new jobs. This led to an increase in the overall demand for labour, including most of the economic activities, during Q1 2015 compared to the same quarter in 2014.
Additionally, the report showed a decline in the percentage of borrowers, attributing that to efforts to rationalise consumption and borrowing behaviour.
