Classifieds powered by Gulf News

Abu Dhabi expects 3.16% GDP growth in 2018

Private sector to play a key role in sustainable economic development

Gulf News

Abu Dhabi: Abu Dhabi expects real GDP growth of 3.16 per cent in 2018 and the emirate has urged greater participation by the private sector in economic growth, senior officials of the Abu Dhabi Department of Economic Development said on Monday.

“According to forecasts, real GDP growth next year is expected at 3.16 per cent and non-oil growth is forecast at 3.77 per cent,” said Ahmad Bin Ganem, acting chief executive of international economic relations at Department of Economic Development (DED), without giving any comparative figures for 2017.

Bin Ganem was speaking at an event organised by Abu Dhabi Chamber of Commerce and Industry to strengthen the role of private sector in the economic development of Abu Dhabi.

Speaking at the same event, Khalifa Bin Salem Al Mansouri, acting undersecretary of Abu Dhabi Department of Economic Development said there had been sustained signs of recovery in Abu Dhabi’s economic growth.

“It [the GDP growth] is better than expected looking at the global economic climate. Trend is very positive. We gauge investors’ confidence on a monthly basis and we see some kind of optimism.”

“I think there has been news that may be five or six IPOs are expected in the last quarter [this year] and first quarter of 2018.”

He also said the private sector was a key enabler and driver for economic development and the government is putting emphasis on empowering private sector to play a vital role in sustainable economic development.

Abu Dhabi has been investing billions of dollars in infrastructure, tourism, industries to boost its non-oil growth in an era of low oil prices.

Currently, non-oil contributes about 68 per cent of Abu Dhabi’s GDP and oil contributes 32 per cent, according to figures from DED.