Emirate’s economic strategies and policies designed to foster development by Statistics Centre – Abu Dhabi (SCAD) said the gross domestic product (GDP) of Abu Dhabi increased by 3.5% in the second quarter of 2023 compared to a year ago, and the non-oil economy grew by 12.3% in the reported quarter, reported Zawya.
The Abu Dhabi’s non-oil economic activities raised the value of the emirate’s real non-oil GDP to about 154 billion UAE dirhams ($41.92 billion), it has retained its growth and is the highest since 2014, reported Zawya. This represents a new record for the first quarter of the current year, in which it surpassed AED 146 billion.
The growth in economic activity in construction sector increased by 19.1% year-over-year, reaching the highest quarterly value added since 2014 at AED 25.3 billion stated the statistical estimates published by SCAD.
The financial sector exhibited growth in the second quarter reached its highest growth rate since 2014, at 29.7%. The sector’s value added has also escalated to over AED 18 billion for the same quarter, a five-year high, reported Zawya.
According to statistical estimates published by SCAD, the manufacturing sector has seen a rise by 7% compared to same period last year, this sector has seen its highest value since 2014, achieving AED25 billion during the second quarter.
On the other hand, the wholesale and retail trade activities has seen its maximum quarterly value at AED 16.7 billion contributing 5.8% of the total GDP in the quarter, stated Zawya.
