Abu Dhabi’s non-oil gross domestic product expanded 8.6 per cent in the first nine months of the year, as the UAE capital continues to diversify.
The non-oil economy grew by an annual 7.7 per cent in the third quarter, compared to the same period in 2022, driven by Abu Dhabi’s “comprehensive strategy aimed at fortifying its standing as a prominent economic powerhouse”, the Statistics Centre Abu Dhabi said on Friday.
The emirate’s total GDP for the January-September period also grew by 2.8 per cent on an annual basis, despite fluctuations in the oil and gas global markets, the centre said.
The strong growth of non-oil activities pushed the sector’s contribution to GDP to 52.8 per cent, it said, citing preliminary data.
“The consistent stellar growth of Abu Dhabi’s economy is a solid proof of its resilience and the effectiveness of our approach to turn headwinds into tailwinds during this challenging time as the global economy is witnessing major shifts that impact different markets and industries around the world,” Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development, said.
More to follow …