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According to the Statistical Center of Abu Dhabi (SCAD), Abu Dhabi’s gross domestic product (GDP) in the first half of 2022 reached 11.2% compared to the same period last year.
Citing statistics, SCADA said the increase reflected the emirate’s strong performance and the economy’s ability to remain competitive and sustain growth amid global economic challenges.
According to SCAD estimates released by the Abu Dhabi Government Media Office (ADGMO), quarterly GDP growth in the second quarter reached a six-year high of 11.7% compared to the same period last year.
By the end of the first half of 2022, the value of real GDP (at constant prices) exceeded AED 543 billion (US$ 123 billion), and the total value of GDP in the non-oil sector surged to AED 273 billion (US$ 74.3 billion).
The results show that the main economic activities with an unchanged contribution to Abu Dhabi’s GDP in the first half of the year include manufacturing activities with a contribution rate of 8.1% and a growth rate of 10.2%.
In addition, construction and construction activities contributed 7.7 percent to real GDP, growing at 6.9 percent, followed by wholesale and retail trade activities, which contributed 5.9 percent to GDP.
The contribution rate of the financial and insurance industry to GDP is 5.5%, with a year-on-year growth of 9.1% in the first half of 2022.
Statistical estimates show that all non-oil economic activities and sectors will grow positively at constant prices in the first half of 2022, most notably health and social work activities with a growth rate of 29.9%, followed by accommodation and food services 29.3%, with professional, scientific and support services accounting for 27.2%.
Wholesale and retail trade activity rose 23.7%, followed by real estate activity, up 19.1%, and electricity, gas, water and waste management activity, up 18.0%, followed by transportation and warehousing, up 13.8%. Monitoring and data acquisition system.
Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said: “The positive growth rate of Abu Dhabi’s economy reflects the far-reaching strength and success of its economic diversification policy, which helps it cope with global changes brought on by geopolitics resilience and capacity as well as economic factors that directly affect strategic sectors such as energy and international trade.”
He noted that Abu Dhabi’s economy continues to benefit from effective policies directed by the wise leadership to strengthen the pillars and foundations of the economy and remain competitive while attracting investment through more initiatives to achieve Abu Dhabi’s strategic goals.
According to data published by SCADA, mining and quarrying activities (including crude oil and natural gas) accounted for 49.7% of the UAE’s real GDP in the first half of the year, meaning that at constant prices, non-oil activities contributed 50.3% to the rise in global oil prices over the same period.
It added that the increasing contribution of the non-oil sector to real GDP is a testament to the success of the ambitious strategic plan to diversify Abu Dhabi’s economic base.-TradeArabia News Service
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