Stock - Abu Dhabi skyline
Meanwhile, quarterly GDP growth rate in the second quarter this year reached its highest in six years at 11.7%. Image Credit: Bloomberg

Abu Dhabi’s gross domestic product (GDP) grew 11.2 per cent in the first half of 2022 compared to the same period last year, data showed on Thursday.

According to estimates by the Statistics Centre - Abu Dhabi (SCAD), the quarterly GDP growth rate in the second quarter this year reached its highest in six years at 11.7 per cent, compared to the same quarter last year.

At the end of the first half of 2022, the real GDP value (at constant prices) exceeded Dh543 billion, and the value of the non-oil sectors’ GDP increased Dh28.4 billion compared to the same period last year to reach Dh273 billion in total.

During the first half, health and social work activity rose at a rate of 29.9 per cent, followed by accommodation and food services at 29.3 per cent, professional, scientific and support services at a rate of 27.2 per cent, wholesale and retail trade activity at 23.7 per cent, real estate activities at a rate of 19.1 per cent, and electricity, gas, water, and waste management at 18 per cent, followed by 13.8 per cent for transportation and storage, at constant prices.

In terms of contribution to the overall GDP at constant prices, manufacturing activities contributed 8.1 per cent, while showing a growth rate of 10.2 per cent. In addition, the construction and building activity contributed 7.7 per cent to the GDP, and achieved a growth rate of 6.9 per cent, followed by the wholesale and retail trade activity that contributed 5.9 per cent to the GDP. The financial and insurance activities contributed 5.5 per cent, with a growth rate of 9.1 per cent.

According to data released by SCAD, the mining and quarrying activities (including crude oil and natural gas) contributed 49.7 per cent to the real GDP, which means non-oil activities contributed 50.3 per cent at constant prices, defying the noticeable increases of global oil prices during the same period.

Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development, said: “Economy’s positive growth rates in Abu Dhabi reflect the profound strength and success of the economic diversification policy, which contributed to the economy’s resilience and ability to address global changes posed by geopolitical and economic factors that directly affected strategic sectors such as energy and international trade.

“The Abu Dhabi economy continues to reap the benefits of the effective policies guided by the wise leadership to strengthen the pillars and foundations of the economy, maintaining a competitive performance while attracting investments with more initiatives to achieve the strategic objectives of Abu Dhabi.”