Abu Dhabis non-oil GDP reaches Dh196b in Q4

Thursday, May 26, 2016

Abu Dhabi: Abu Dhabi’s non-oil Gross Domestic Product (GDP) reached Dh196.1 billion during the fourth quarter of 2015, marking an 8.2 per cent increase from the Dh182 billion recorded in the same quarter of 2014.

According to a statement from Abu Dhabi’s Department of Economic Development (ADDED), the non-oil added value in fixed prices in the emirate reached Dh99.3 billion in Q4 2015, while the added value of the oil activities grew by 7.1 per cent during the same period.

In the third quarter of 2015, the growth of non-oil GDP reached 7.1 per cent compared to a growth rate of 3.9 per cent in the oil GDP.

Khalifa Al Mansouri, acting undersecretary of Abu Dhabi’s DED, said the figures reflect the diversification in the emirate’s economy and the stronger contribution of the non-oil sector to the GDP. He also said that such contribution from non-oil fields was in line with the emirate’s objectives of the Vision 2030.

He pointed that the Abu Dhabi’s GDP by the end of Q3 2015 amounted to Dh200 billion, adding that such economic growth was the result of efforts to leverage the challenges of lower oil prices to an opportunity to enhance diversity in the economic structure.

“The results of development indexes of Abu Dhabi economy in 2015, issued by ADDED, have shown good performance of some non-oil sectors, reflecting Abu Dhabi advantages including economic and social stability, solid financial position and competitive business environment. Such advantages would enable Abu Dhabi to transform the challenges of global economy opportunities for more economic diversification, focusing on non-oil sectors set by Abu Dhabi Economic Vision 2030,” Al Mansouri said.

Meanwhile, the report also showed that the contribution of non-oil sectors to the GDP reached 50.8 in the first quarter of 2015, remaining stable at 50.9 per cent in the second quarter of 2015.

Staff Report