Abu Dhabi’s economy to grow 9.3% in 2022 as non-oil sector shines

Abu Dhabi: The nation’s capital has released estimates of gross domestic product (GDP) for 2022, showing growth of 9.3% by the end of the year compared to 2021, data from the Statistical Center of Abu Dhabi (SCAD) showed. The emirate’s non-oil GDP has achieved an unprecedented growth rate of 8.4% by the end of 2022, senior officials revealed. Under the leadership of the Abu Dhabi Department of Economic Development (ADDED), the emirate has taken several steps to diversify its economy while maintaining a prudent fiscal policy last year and gradually responding to market needs and trends, officials said.

Launched in June 2022, the Abu Dhabi Industrial Strategy (ADIS) aims to more than double the size of the sector to AED172 billion through a multi-project investment of AED10 billion, the UAE Media Office announced on Monday. , creating 13,600 jobs and increasing the UAE’s non-oil exports to AED178.8 billion by 2031.

Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said: “As a forward-looking driver, ADDED believes that Abu Dhabi’s achievements reinforce its position as the destination of choice for business, investment and talent. The basis for phased development; “Economic Diversification 2.0”.

According to estimates published by SCAD, real GDP in the fourth quarter of 2022 will grow by 5.9% compared to the same period in 2021, worth AED 278.3 billion. The contribution of the non-oil sector to GDP reached 50.2%, reaching a record AED 139.6 billion of the total GDP in the fourth quarter of 2022. In addition, the non-oil sector grew significantly by AED 43 billion, reaching a total of AED 554.6 billion by the end of 2022. This resulted in the non-oil sector contributing 50% of GDP.

Abdulla Gharib Alqemzi, Acting Director General of Abu Dhabi Statistics Center said: “The emirate of Abu Dhabi has achieved an unprecedented growth rate of non-oil GDP, achieving a staggering 8.4% growth by the end of 2022.

Compared to 2021, real estate activity in Abu Dhabi has registered a notable increase of 17.1%. Health and social work activity growth in Abu Dhabi increased by 16.6%. Wholesale and retail trade activity in Abu Dhabi will grow by 11.6% to AED58.6 billion in 2022. This growth represents an industry contribution of 5.3% to Abu Dhabi’s real GDP in 2022. Transport and warehousing activities will exceed AED 18.6 billion in 2022, a growth rate of 10.9%. This segment includes activities including passenger and freight transport by rail, land, air, sea and related warehousing activities.

Accommodation and food service activity in Abu Dhabi grew by 11.9%. Manufacturing activity grew by 9.7%, contributing 8.2% to the UAE’s GDP, reaching AED90.8 billion by 2022.

Construction activity in Abu Dhabi will grow at an apparent rate of 7.6% in 2022, worth AED86 billion. Furthermore, this growth shows that the sector contributes as much as 7.8% to Abu Dhabi’s real GDP. Financial and insurance activities in the emirate will grow significantly by 7.4% to reach AED 62.4 billion by 2022, accounting for 5.6% of the emirate’s GDP.