Abu Dhabi – Mubasher: The gross domestic product (GDP) of the emirate of Abu Dhabi increased by 6% in the fourth quarter of 2016, compared to its previous gain of 3.1% in the same period in 2015, according to a report released by the Statistics Centre Abu Dhabi (SCAD).
The SCAD attributed the year-on-year growth in GDP to high value added from oil operations by 8%, as well as by 5.1% for non-oil related operations, the reported released on Sunday showed.
Oil is no longer the main driver of Abu Dhabi’s economy, SCAD director-general Butti Ahmed Mohamed Bin Butti Al Qubaisi said, noting that the emirate is adopting an ambitious strategy to diversify its economic and income-related resources.
This strategy is to avoid the impacts endured by the constant fluctuations in oil prices in global markets, the official stated.
Non-oil economic sectors and operations have contributed by around 69.5% to Abu Dhabi’s GDP in the final quarter of 2016, Al Qubaisi said, noting that oil sectors and operations represent only 30.5%.
