Abu Dhabi’s non-oil GDP surges by 6.6% in Q2 2024

Abu Dhabi’s non-oil economy grew by a record 6.6 per cent in the second quarter of 2023, according to the Statistics Centre – Abu Dhabi (SCAD), as the city accelerate efforts to diversify its economy away from hydrocarbons.

The latest data from SCAD shows that Abu Dhabi’s non-oil activities hit a record high of Dhs164.2bn in the April-June period, which represents 55.2 per cent of the emirate’s total economy – the highest level since the end of 2014.

Abu Dhabi’s economy reached its highest quarterly value at Dhs297bn in Q2 2024, boosting the growth of the emirate’s non-oil economy during the first half of 2024 by 5.7 per cent.

The data also indicates overall economic growth of 3.7 per cent compared to the first half of 2023.

“The continued strong performance of our economy over the past years is a testament to its resilience and agility in responding positively and timely to mega shifts in the global economy as we are accelerating the transition to a diversified, smart, and sustainable economy,” said Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development (ADDED).

“Our economic diversification efforts have positioned Abu Dhabi as a rising economic powerhouse and a global magnet for talent, business and foreign investments”.

Preliminary estimates reveal that #AbuDhabi’s economy grew by 4.1 percent in Q2 2024 compared to Q2 2023, reaching a new record value of over AED 297 billion.
Expansion of non-oil sectors, which increased by 6.6 percent in Q2 2024, reaching a record AED 164.2 billion. #SCAD pic.twitter.com/P2MIRw5UXB

— Statistics Centre – Abu Dhabi (@adstatistics) October 1, 2024

SCAD said construction activity increased 11.5 per cent in Q2 2024 compared to the same period a year ago to reach the highest quarterly value of Dhs27.5bn. The sector’s contribution to Abu Dhabi’s GDP increased to 9.3 per cent, the highest since 2015.

The city’s finance and insurance sector registered a record 13.4 per cent growth in Q2 2024 compared to the corresponding period in 2023, contributing 7.4 per cent to the GDP. Its value reached the highest level at Dhs22bn, cementing the emirate’s status as a competitive global investment destination.

The value added by transportation and storage, and real estate activities to Abu Dhabi’s economy reached 2.4 per cent and 3.4 per cent, respectively, at Dhs7bn and Dhs10bn.

Similarly, the wholesale and retail trade sector grew by 3.3 per cent in Q2 2024, contributing 5.5 per cent to GDP and achieving the highest value of Dhs16bn.

Abu Dhabi’s non-oil economy has experienced robust growth in recent years, with a 4.7 per cent quarterly increase in Q1 2024 and a 9.1 per cent annual surge in 2023, fueled by the expansion of key sectors such as finance and construction.

Read: Abu Dhabi property market soars in H1 2024, shows new report