UAE – Mubasher: Abu Dhabi’s gross domestic product (GDP) at current prices surged by 14.6% year-on-year (YoY) to AED 932.4 billion in 2018 when compared to AED 813.6 billion in 2017, Emirates News Agency (WAM) recently reported citing data by the Statistics Centre − Abu Dhabi (SCAD).
The increase is backed by higher oil GDP at current prices by 40.2% at AED 388.5 billion in 2018, accounting for 41.6% of the total GDP.
The non-oil GDP at current prices registered AED 543.9 billion during 2018, up by 1.4% YoY from AED 536.6 billion. This has contributed 58.3% to the total GDP at current prices last year, data showed.
In 2018, several non-oil sectors remarkably grew, including the manufacturing industries sector, which added 8.1% on an annual basis.
Commenting on this, SCAD acting director-general, Abdullah Ahmed Al Suwaidi, said, "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."
Additionally, Abu Dhabi’s GDP at constant prices levelled up by 2.7% YoY at AED 204.9 billion during the third quarter (Q3) of 2019, compared to AED 199.5 billion. Meanwhile, the oil sector and the majority of non-oil sectors have seen growth during the quarter as compared to a year earlier, led by ‘transportation and storage’ and the ‘electricity, gas, and water supply’ activities.
Abu Dhabi’s GDP grew by 2.7% to AED 204.9 billion in Q3-19, and by 5.2% to AED 207.7 billion in Q2-19, data further showed.
