Abu Dhabi posts 6-year high GDP expansion

abu dhabi posts 6-year high gdp expansion

Abu Dhabi’s quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022, jumping to 11.7 per cent compared to the same quarter last year.

Abu Dhabi’s economy recorded a six-year high expansion in the first half of 2022 regardless of the global headwinds, signifying the resilience of the non-oil sectors and competitiveness.

The emirate’s gross domestic product surged 11.2 per cent during the first half compared to the same 2021 period, according to data released by Statistic Centre- Abu Dhabi (Scad).

“The growth reflects the emirate’s robust performance and the ability of the economy to maintain competitiveness and sustain growth despite global economic challenges,” Scad said in a statement.

Abu Dhabi’s quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022, jumping to 11.7 per cent compared to the same quarter last year.

At the end of the first half of 2022, the real GDP value (at constant prices) exceeded Dh543 billion, and the value of the non-oil sectors’ GDP increased by Dh28.4 billion from the same period last year to reach Dh 273 billion in total.

Overall, the GDP growth of the UAE is projected to reach above six per cent in 2022, the International Monetary Fund said in its latest forecast.

The Emirates’ near-term economic growth is forecast to be strong, underpinned by a rebound in domestic activity, while elevated oil prices support high surpluses in the fiscal and external balances. Inflationary pressures are expected to moderate gradually, the Washington-based lender has said.

“The economy’s positive growth rates in Abu Dhabi reflect the profound strength and success of the economic diversification policy, which contributed to the economy’s resilience and ability to address global changes posed by geopolitical and economic factors that directly affected strategic sectors such as energy and international trade,” said Mohamed Ali Al Shorafa, chairman of the Abu Dhabi Department of Economic Development (ADDED).

All non-oil economic activities and sectors in Abu Dhabi showed positive growth rates at constant prices during the first half of 2022, most notably, the health and social work activity rising at a rate of 29.9 per cent, followed by accommodation and food services at a rate of 29.3 per cent, and professional, scientific and support services at a rate of 27.2 per cent, wholesale and retail trade activity at a rate of 23.7 per cent, real estate activities at a rate of 19.1 per cent, and electricity, gas, water, and waste management at 18 per cent followed by 13.8 per cent for transportation and storage.

Scad data shows that the leading economic activities that contributed to the GDP of Abu Dhabi at constant prices during the first half of 2022 included manufacturing activities with a contribution of 8.1 per cent, while showing a growth rate of 10.2 per cent.

In addition, the construction and building activity contributed to the real GDP with 7.7 per cent, and achieved a growth rate of 6.9 per cent, followed by the wholesale and retail trade activity that contributed 5.9 per cent to the GDP.

The financial and insurance activities contributed 5.5 per cent to the GDP, with a growth rate of 9.1 per cent during the first half of 2022 compared to the same period last year.

“The Abu Dhabi economy continues to reap the benefits of the effective policies guided by the wise leadership to strengthen the pillars and foundations of the economy, maintaining a competitive performance while attracting investments with more initiatives to achieve the strategic objectives of Abu Dhabi,” said Al Shorafa.

He said the economy’s positive growth rate reflects the profound strength and success of the economic diversification policy, which contributed to the economy’s resilience and ability to address global changes posed by geopolitical and economic factors that directly affected strategic sectors such as energy and international trade

Rashed Abdul Karim Al Balooshi, the undersecretary of ADDED, said the vital performance of the Emirate’s economy over the last few years resulted in remarkable growth rates in the non-oil sectors during the first half of 2022, reflecting a competitive outlook of Abu Dhabi’s business ecosystem.

“Abu Dhabi implemented economic programs in recent years to facilitate the establishment and operation of new businesses across the Emirate giving the necessary factors that can stimulate growth in various sectors.”

“Statistical estimates reflect the ability of Abu Dhabi’s economy to sustain rapid growth and respond quickly to plans and efforts to diversify the economic base and stimulus packages. The strategic plans and stimulus packages have produced huge growth, as most economic activities continue to expand with full alignment of economic sectors at the emirate level,” said Ahmed Mahmoud Fikri, director-general of Scad.

The mining and quarrying activities (including crude oil and natural gas) contributed 49.7 per cent to the real GDP of Abu Dhabi during the first half of 2022, which means non-oil activities contributed 50.3 per cent at constant prices defying the noticeable increases in global oil prices during the same period. The increase in the non-oil sector’s contribution to the real GDP proves the success of the ambitious strategic plans for diversifying the economic base in Abu Dhabi.

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