Abu Dhabi’s economy grows 11.2% in first half as oil and non-oil sectors pick up

Abu Dhabi’s GDP will grow by 11.2% year-on-year in the first half of 2022, driven by growth in the oil and non-oil sectors, government data showed. It grew 11.7% year-over-year in the second quarter, the strongest growth in six years.

The UAE’s economy stood at AED543 billion (US$147.9 billion) at the end of the six months, Abu Dhabi Media Office said on Thursday, citing data released by the Statistical Center of Abu Dhabi (SCAD).

The non-oil sector’s contribution to GDP increased by AED 28.4 billion year-on-year to a total of AED 273 billion.

Mining and quarrying activities, including the oil and gas industry, account for nearly half of the gross domestic product. Other key sectors included manufacturing, which accounted for 8.1 percent of activity, up 10.2 percent year-on-year, while construction accounted for 7.7 percent, up 6.9 percent. The fastest growing sector was the health and social work sector, up 29.9 per cent.

earlier this week, IMF expects UAE to grow More than 6% contributed to a strong rebound in domestic activity and higher oil prices.

(Reporting by Brinda Darasha; Editing by Daniel Luiz)

brinda.darasha@lseg.com