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Gains from manufacturing, construction and financial services powered the way for Abu Dhabi's 2023 GDP growth numbers Image Credit: Afra Mubarak Alnofeli/Gulf News

Abu Dhabi: The benefits of diversifying are showing up as Abu Dhabi’s non-oil economy grew 9.1 per cent in 2023 from a year ago, while real GDP turned in a 3.1 per cent growth.

“The emirate’s GDP achieved its best performance in terms of value in 10 years at Dh1.14 trillion,” says the latest update from the Statistics Center – Abu Dhabi. This came about ‘despite challenges and global market fluctuations that affect all sectors and geographies in the world.”

The industrial, finance and tourism sectors contributed heavily as did FDI in the private sector to ‘provide new job opportunities’.

“The impressive performance of our Falcon Economy during the past few years proved the effectiveness of Abu Dhabi’s proactive approach to address the ever-changing dynamics of the global economy,” said Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development.

During Q402023, the economy had achieved a sterling 4.1 per cent growth

The construction sector grew 13.1 per cent in 2023, with the added value reaching more than Dh97 billion, the highest in a decade and thus contributing 8.5 per cent to the overall GDP. The added value of manufacturing activities was Dh101 billion, representing 8.8 per cent of the total .

This made it the largest non-oil contributor to overall GDP.

The financial and insurance sector activities achieved the highest growth rate, at 25.5 per cent, and their best performance in terms of value at Dh79 billion, with a contribution to the GDP exceeding 6.9 per cent.