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The value of Abu Dhabi’s real GDP in the second quarter reached its highest level at Dh287 billion. Image Credit: Afra Mubarak Al Nofeli/Gulf News

Abu Dhabi: Abu Dhabi’s non-oil gross domestic product grew 12.3 per cent in the second quarter this year, while overall GDP was up 3.5 per cent over the same period last year, data showed on Monday.

Non-oil economy grew to Dh154 billion in Q2, the highest since 2014, to break a record registered in the first quarter of current year, where it surpassed Dh146 billion.

According to preliminary estimates, the value of Abu Dhabi’s real GDP in the second quarter reached its highest level at Dh287 billion, driven by the growth of all non-oil activities, to continue the increase of its contribution to the GDP to 53.7 per cent, which boosted the growth of the emirate’s non-oil GDP by 9.2 per cent in the first half of 2023 compared to the same period last year, data from the Statistics Centre – Abu Dhabi (SCAD) showed.

Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development (ADDED), said: “The continued strong performance of Abu Dhabi’s economy despite mounting challenges in the global economic landscape reaffirms success of the emirate’s diversification strategy and adaptability to markets’ shifts. Our comprehensive strategies, prudent policies, countercyclical measures, and business-friendly ecosystem further enhance Abu Dhabi’s position as a rising economic powerhouse and preferred destination for talents, businesses and investments. We remain committed to deliver the objectives of our “Falcon Economy” to reach new heights of sustainable development.”

Abdulla Gharib Alqemzi, Acting Director General of the Statistics Centre – Abu Dhabi, said: “The non-oil sectors continue to register outstanding growth rates, reaffirming the effectiveness of Abu Dhabi’s economic performance against global challenges. The quarterly GDP estimates substantiate this progress and show that the emirate’s economy is a competitive advantage for investors…”

Record highs for non-oil economy

During the period, construction grew 19.1 per cent, registering the highest quarterly value-added since 2014 at Dh25.3 billion. Manufacturing was up 7 per cent, while wholesale and retail trade activities grew 13.4 per cent.

The information and communications sector was up 14.5 per cent, whereas the public health sector grew 9.8 per cent.

The financial sector reached its highest growth rate since 2014 at 29.7 per cent. The sector’s value-added has also escalated to over Dh18 billion for the same quarter, a five-year high.