Abu Dhabi: A new report from the Abu Dhabi Department of Economic Development shows higher optimism and confidence among consumers and the business community in the second quarter.
Ali Majid Al Mansouri, ADDED Chairman, said the latest estimates issued by Statistics Centre — Abu Dhabi (SCAD) indicate that the GDP of Abu Dhabi (at fixed prices) have reached around Dh198.8 billion in the second quarter of 2016 with a growth rate of 2.3 per cent, compared to the same period of 2015.
The data showed that non-oil sectors enhanced the economic growth in Abu Dhabi in second quarter by 3.6 per cent. The relative contribution of non-oil activities to Abu Dhabi’s GDP increased to 51.5 per cent in the second quarter of 2016 compared to roughly 50.9 per cent in the second quarter of 2015.
He said the data reflects the growing role of Abu Dhabi’s non-oil sectors in the economy.
As for the tourist sector, the report indicated that the latest data issued by Abu Dhabi Tourism and Culture Authority showed higher number of guests by 3.31 per cent in that period compared to the same period in 2015. However, the hotel facilities’ performance in the second quarter of 2016 relatively declined, with regard to the hotel nights, occupancy rate and total revenues.
The data indicates that family spending in Abu Dhabi is affected by the international, regional and local economic developments, especially with lower global demand and the uncertainties facing economies of countries such as Japan, China and UK.
As for the real estate sector, the report showed that the data issued by SCAD shows that the rental index value of the housing units in Abu Dhabi was 102.1PP in June 2016, compared to around 108.5PP in the same month in 2015, falling by 5.85 per cent.
