Sowwah Square, in Abu Dhabi’s Reem Island development. ADCCI statistics show an increasing private sector contribution to total fixed capital formation. Image Credit: Ahmed Kutty/Gulf News

Abu Dhabi: The gross domestic product (GDP) of the emirate is expected to grow 4 per cent to Dh750 billion next year, the Abu Dhabi Chamber of Commerce and Industry (ADCCI) said yesterday.

The contribution of oil industry revenues to GDP is expected to rise to Dh385 billion in 2012 from Dh347 billion in 2011. Of the projection for oil-based revenue in 2012, crude oil accounts for Dh345 billion, compared with Dh309 billion in 2011.

Refining and gas liquefaction will account for the remaining Dh40 billion of oil-based revenue in 2012.

Role of public sector

The public sector's contribution to GDP will rise to Dh133 billion in 2012, up from Dh126 billion in 2011.

ADCCI estimates also suggest that the contribution of the private sector to GDP will increase to Dh232 billion from Dh218 billion in 2011.

The ADCCI statistics suggest that the private sector will pioneer the implementation of several development projects in various fields, with a contribution to the total fixed capital formation rising to 55.4 per cent and 54.1 per cent for 2011 and 2012 respectively.

Waddah Taha, chief analyst at the Zarouni Group, told Gulf News that Abu Dhabi's oil-dependent economy is diversifying fast as the share of its non-oil sector in GDP has grown for the second year in a row.

In 2010, oil's contribution to Abu Dhabi's GDP was pegged at 49.7 per cent, said Taha.