Abu Dhabi GDP hits Dhs620bn for first nine months of 2019

Abu Dhabi’s gross domestic product (GDP) at current prices (nominal GDP) grew 4.6 per cent to approximately Dhs620bn during the first nine months of 2019, up from around Dhs592.9bn in the corresponding period in 2018, reported official news agency WAM.

The figures released by the Statistics Centre – Abu Dhabi indicated a growth across all economic platforms.

In Q1 2019, Abu Dhabi’s GDP increased 5.7 per cent to Dhs207.2bn from Dhs196bn in the comparable period of 2018.

In Q2 2019, its GDP increased to Dhs207.7bn, up 5.2 per cent from Dhs197.4bn year-on-year.

Figures for Q3 2019 revealed that the capital emirate’s GDP grew 2.7 per cent to Dhs205bn from Dhs199.5bn recorded in the same quarter in 2018.

The ongoing Covid-19 pandemic has had an impact on the global economy and as a result, the UAE government has announced a $34bn stimulus package to help individuals, banks and businesses in the country to weather the impact of the coronavirus on the national economy.

Read: UAE boosts stimulus to $34bn to fend off virus impact

The Abu Dhabi Department of Economic Development (ADDED) issued a circular on April 4 extending the closure of commercial centres, shopping malls, cinemas, electronic game halls and other entertainment destinations in the emirate until further notice as part of its precautionary measures to prevent the spread of the virus within the country.

Read: Abu Dhabi extends closure of malls, cinemas, commercial establishments indefinitely

Earlier last month, on March 16, the Abu Dhabi government announced a massive stimulus package including 15 new initiatives under its Ghadan 21 scheme to support businesses through the coronavirus crisis. The initiatives include electricity and water subsidies, measures for SMEs and exemptions and fee reductions to support businesses while reducing the overall cost of living.

Read: Abu Dhabi reveals new initiatives such as toll waivers, fee cuts to support economy