Oil drives Abu Dhabi growth in first quarter

ABU DHABI: Abu Dhabi’s gross domestic product (GDP) increased 17.7 per cent during the first quarter of 2017 (at current market prices), as per Statistics Centre-Abu Dhabi, SCAD. “The increase in GDP is primarily attributable to the added value delivered by oil economic activities which spiralled 70 per cent,” said Butti Ahmad Mohammad Bin Butti Al Qubaisi, Director-General of SCAD.

In the first quarter of 2016, oil prices averaged $29.78 to $37.34 ($50.90 and $53.59 in first quarter of 2017).