Abu Dhabi’s gross domestic product (GDP) at constant prices increased 2.7 percent to Dh204.9 billion ($55.79 billion) in the third quarter of 2019, up from Dh199.5 billion ($54.32 billion) for the same quarter of 2018.
The Statistics Centre − Abu Dhabi (SCAD) data shows positive growth in the oil sector, and the majority of non-oil sectors, compared to Q3 of 2018, led by transportation and storage, electricity, gas, water supply, and waste management activities, said a Wam news agency report.
In Q2 of 2019, Abu Dhabi’s GDP at constant prices increased by 5.2 percent to Dh207.7 billion, compared to Dh197.4 billion for the same period in 2018.
The GDP at current prices reached Dh932.4 billion in 2018, compared to Dh813.6 billion in 2017, marking a growth of 14.6 percent, the recently released data said. This rise was a direct result of the increase in oil GDP at current prices, which grew by 40.2 percent to Dh388.5 billion in 2018, making up 41.6 percent of total GDP, said the report.
According to SCAD’s data, non-oil GDP at current prices increased from Dh536.6 billion in 2017 to Dh543.9 billion in 2018, achieving a growth rate of 1.4 percent, and contributing 58.3 percent of total GDP at current prices in 2018.
Non-oil activities, meanwhile, recorded significant growth since 2008, as changes in economic activities during the past years helped accelerate the growth rates of the GDP at current prices.
In 2018, notable progress in several non-oil sectors was observed, including the manufacturing industries sector, one of the leading economic activities, which posted annual growth of 8.1 percent.
Commenting on the growth witnessed by the emirate, Abdullah Ahmed Al Suwaidi, SCAD acting director-general, said: “Abu Dhabi’s GDP has shown significant growth at both constant and current prices across sectors, proving the effectiveness of the financial and economic policies formulated by Abu Dhabi’s wise leadership. Despite the fluctuations in the global economy, the Abu Dhabi economy has maintained its stability, thanks to the flexible economic diversification model adopted by the emirate.”
Rashid Abdul Karim Al Balooshi, under-secretary of the Abu Dhabi Department of Economic Development, stated that the Abu Dhabi economy underwent significant improvements over the periods covered by the report, in Q2 of 2019, driven by growth in the oil sector.
TradeArabia News Service