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ABU DHABI, 25th November, 2022 (WAM) — Abu Dhabi’s Gross Domestic Product (GDP) expanded in the first half of 2022, registering a year-on-year growth of 11.2%, statistics released by the Statistics Center – Abu Dhabi (SCAD) showed. %last year. This growth reflects the strong performance of the emirate and the ability of the economy to remain competitive and continue to grow in the face of global economic challenges.
According to estimates published by SCAD and published by the Abu Dhabi Government Media Office (ADGMO), quarterly GDP growth in the second quarter of 2022 reached a six-year high of 11.7% compared to the same period last year.
At the end of the first half of 2022, the real GDP value (calculated at constant prices) exceeded 543 billion dirhams, and the GDP value of the non-oil sector increased by 28.4 billion dirhams year-on-year to reach 273 billion dirhams in total.
Major economic activities growing at constant prices
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%, professional, scientific and support services at 27.2%, wholesale and retail trade activities at 23.7%, real estate activities at 19.1%, electricity, gas, water, waste management at 18.0%, followed by transportation and storage at 13.8%.
Contribution of economic activity to GDP
The results show that the main economic activities with a constant contribution to the GDP of the emirate of Abu Dhabi in the first half of 2022 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.
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 strength and success of the economic diversification policy, which contributes to the economy’s resilience and ability to respond to geopolitical challenges. Global changes caused by political and economic factors directly affect strategic sectors such as energy and international trade.”
His Excellency added: “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 additional initiatives to achieve Abu Dhabi’s strategic goals.”
Rashed Abdul Karim Al Balooshi, Undersecretary of ADDED, said: “The significant performance of the UAE economy over the past few years has led to significant growth in the non-oil sector in the first half of 2022, reflecting the competitive outlook of Abu Dhabi’s business ecosystem. Abu Dhabi Economic programs have been implemented in recent years to facilitate the establishment and operation of new businesses across the emirate, providing the necessary factors to stimulate growth in various industries.”
Ahmed Mahmoud Fikri, Director General of Abu Dhabi Statistics Centre, said: “Statistical estimates reflect the ability of the Abu Dhabi economy to sustain rapid growth and respond quickly to plans and efforts to diversify the economic base and stimulus package. The strategic plan and stimulus package generated There has been tremendous growth as most economic activity continues to expand with full alignment of economic sectors at the emirate level.”
Contribution of oil and non-oil sectors to GDP
According to data published by SCAD, mining and quarrying activities (including crude oil and natural gas) contributed 49.7% to the real GDP of the emirate of Abu Dhabi in the first half of 2022, implying that non-oil activities contributed 50.3% of constant prices This ignores the significant rise in global oil prices over the same period. The increasing contribution of the non-oil sector to real GDP is a testament to the success of Abu Dhabi’s ambitious strategic plan to diversify its economic base.
SCAD regularly estimates GDP based on a number of statistical indicators and administrative records in accordance with international standards and scientific methods to measure the effectiveness of economic and strategic plans to assist policy makers in meeting sustainability and economic growth requirements.
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