Abu Dhabi GDP continues to achieve significant growth

Non-oil GDP at current costs boom from Dh536.6B in 2017 to Dh543.9B final year

Abu Dhabi's gross home product accelerated via 14.6 in step with cent at current charges, accomplishing Dh932.4 billion in 2018, in comparison to Dh813.6 billion in 2017.

The details released recently by Statistics Centre - Abu Dhabi (Scad) in its annual countrywide accounts record for 2018 showed that the upward thrust became a direct result of the growth in oil GDP at current costs, which grew through 40.2 in line with cent to Dh388.five billion in 2018, making up 41.6 according to cent of total GDP.

Non-oil GDP at current charges improved from Dh536.6 billion in 2017 to Dh543.9 billion in 2018, achieving a boom charge of 1.4 in keeping with cent, and contributing 58.three according to cent of general GDP at current fees in 2018.

Non-oil sports, meanwhile, recorded splendid increase due to the fact that 2008 as modifications in monetary sports for the duration of the beyond years have helped boost up the increase prices of the GDP at current expenses.

In 2018, superb development in numerous non-oil sectors became observed, including the producing industries sector, one of the leading financial sports, which posted an annual growth of 8.1 in line with cent.

Public management and defence, and obligatory social protection sports registered a boom rate of 6.2 per cent. Furthermore, electricity, gas, water supply and waste management sports grew with the aid of 5.1 per cent, construction sports through 3.8 in keeping with cent and transportation and storage sports via 1.three in step with cent.

Compensation of employees rose with the aid of three.5 consistent with cent to reach Dh248.7 billion in 2018, compared to Dh240.2 billion in 2017. Production, which is the value of monetary activities, outputs of goods and services, extended in the emirate with a massive increase of 11.6 according to cent, attaining Dh1,423 billion in 2018, in comparison to Dh1,275 billion in 2017.

Q2, Q3 2019 effects

According to the results of the quarterly financial survey, Abu Dhabi's GDP at steady expenses improved 2.7 consistent with cent to Dh204.9 billion within the third zone of 2019, up from Dh199.five billion for the identical area of 2018. Data also indicates positive boom within the oil sector, and the bulk of non-oil sectors, in comparison to the 0.33 quarter of of 2018, led with the aid of transportation and storage; electricity, gas, water deliver; and waste control sports.

In the second one zone of, Abu Dhabi's GDP at consistent fees multiplied by way of five.2 per cent to Dh207.7 billion as compared to Dh197.4 billion for the identical length in 2018.

Oil GDP at consistent costs improved by means of 12.5 in line with cent in the duration, accomplishing Dh108.6 billion, up from Dh96.five billion within the prior duration. Oil GDP accounted for 52.three in line with cent of overall GDP at constant expenses.

Abdullah Ahmed Al Suwaidi, acting director-standard of Scad, stated Abu Dhabi's GDP has shown extensive increase at both steady and current expenses across sectors, proving the effectiveness of the financial and financial regulations formulated through Abu Dhabi's clever leadership. Despite the fluctuations within the international economic system, Abu Dhabi economic system has maintained its stability, thanks to the flexible economic diversification version adopted by the emirate.

The 2nd region of 2019, driven by way of growth in the oil sector.

He pointed that the emirate's GDP results for that period are the outcome of the directives of Abu Dhabi government and its bid to obtain its strategic objectives. These goal to take similarly initiatives to maximize the non-public sector's contribution to the emirate's GDP, permitting it to play an powerful function in overall development and attract more foreign investment.