Abu Dhabi's Economic Surge: Non-Oil Sectors Drive Growth to Decade High

Abu Dhabi, 02 April, 2024 : Abu Dhabi's economy surged by 3.1% in 2023, marking its strongest performance in a decade, propelled by a significant expansion in the non-oil sector. The emirate's GDP reached Dh1.14 trillion ($310.63 billion) for the year, despite global challenges.

The non-oil economy of Abu Dhabi grew by 9.1% year-on-year, led by notable advancements in construction, finance, insurance, and transportation sectors. These sectors contributed over 53% to the total GDP.

In the final quarter of 2023, Abu Dhabi's economy expanded by 4.1%, with the non-oil economy achieving 10.4% growth annually. This growth reflects the success of strategic policies aimed at economic diversification and innovation.

Abu Dhabi's proactive approach to economic dynamics has positioned it as a leading economic powerhouse and a hub for talent, businesses, and investments in the MENA region.

Abu Dhabi has been steadfast in diversifying its economy away from oil, with a focus on sectors like tourism, aviation, and technology. The emirate has implemented measures to attract international investors and enhance competitiveness.

Efforts to bolster sectors like manufacturing, tourism, and technology are evident, with plans to double manufacturing output and increase tourism's GDP contribution by 2030.

The construction sector saw robust growth of 13.1%, while manufacturing contributed significantly to economic growth, reaching Dh101 billion in value.

Financial and insurance sectors recorded substantial growth of 25.5%, reflecting growing international confidence in Abu Dhabi's economy.

Other sectors such as wholesale and retail trade, transport, storage, health, education, and real estate also experienced positive growth during the period.

Source : www.thenationalnews.com