According to the Statistics Centre-Abu Dhabi (SCAD), Abu Dhabi’s non-oil gross domestic product (GDP) increased by 9.1% in the previous year, demonstrating the success of its economic diversification policy.
Preliminary GDP estimates from SCAD show that Abu Dhabi’s overall GDP in 2023 was 3.1% higher than in 2022 due to the excellent development of the non-oil economy.
Despite difficulties and changes in the world market, the emirate’s GDP reached Dh1.14 trillion in 2023, its highest value performance in ten years.
“Significant strides” in the building, finance and insurance, transportation, and storage sectors have driven the expansion of the non-oil economy and accounted for over 53% of the GDP.
Abu Dhabi’s economy expanded 4.1% in the fourth quarter of 2023 compared to the same time in 2022, demonstrating sustained development propelled by the rise of non-oil industries, which saw 10.4% growth in the same period.
The expansion of the industrial, financial, and tourism sectors and the encouragement of foreign investment and the private sector to create new job possibilities have all contributed to the growth rates.
Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, stated: “The remarkable performance of our Falcon Economy over the past few years proved the effectiveness of Abu Dhabi’s proactive approach to address the ever-changing dynamics of the global economy.”
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