Abu Dhabi's non-oil economy surges to 9-year high

Abu Dhabi's non-oil GDP surpassed the highest quarterly value of the past nine years, reaching AED 146 billion in the first quarter of 2023.

That's a 6.1 per cent growth compared to Q1 2022 (AED 137.7 billion).

According to the Statistics Centre – Abu Dhabi (SCAD), the overall economy expanded by 3.9 per cent annually in the first three months of 2023, driven by the robust performance of non-oil economic activities that accounted for 52.8 per cent of the emirate's GDP in Q1 2023.

The construction sector (14.4%) achieved the highest quarterly growth rate in nine years, driven by its appeal to both local and foreign investments, as well as its ability to achieve high completion rates, with a notable increase of 37 per cent in the number of newly completed buildings.

Wholesale and retail (13.9%), along with transport and storage (13.6%) sectors also registered significant growth

Meanwhile, there was an 11.5 per cent growth in the financial and insurance sector during the first quarter of 2023, which reflects the strong performance of the banking sector, with some banks reporting net profits exceeding 50 per cent during this quarter.

According to estimates, Abu Dhabi's non-oil GDP surpassed the highest quarterly value of the past nine years, reaching AED 146 billion in Q1 2023, as the total GDP reached AED 276.6 billion. pic.twitter.com/8mGZK23LA3

— Statistics Centre - Abu Dhabi (@adstatistics) June 26, 2023

Statistical estimates show Abu Dhabi's GDP growth by 3.9% in Q1 2023, driven by the robust performance of non-oil economic activities in the emirate as the total GDP added value reached AED 276.6 billion. pic.twitter.com/vGA4rVzY5x

— Statistics Centre - Abu Dhabi (@adstatistics) June 26, 2023