Preliminary estimates of GDP, issued by the Statistics Center in Abu Dhabi, revealed a strong growth of non-oil sectors by 9.1 percent, and an increase in the emirate’s real GDP by 3.1 percent during the year 2023 compared to 2022, proving its ability to expand in light of the growing non-oil economy. At high rates.
The emirate’s economy also achieved a jump in the construction, financial, insurance, transportation and storage sectors, contributing 53.4 percent of the total gross domestic product.
During the last quarter of 2023, the growth rate of the Emirate of Abu Dhabi’s economy reached 4.1 percent compared to the same period in 2022, continuing the growth it achieved during the previous period, driven by the continued expansion of non-oil sectors by 10.4 percent during the same period.
The emirate’s economy was able to achieve strong growth rates thanks to the strategies adopted by the emirate, with the aim of promoting economic diversification in light of the development of the industrial and tourism sectors, and encouraging foreign investments and the private sector to provide new job opportunities, which is proven by the strong performance of the non-oil economy, which recorded high growth rates of 9.1%. percent during 2023 and 9.2 percent during 2022.
The emirate’s gross domestic product achieved its best performance in terms of value in ten years, at a value of 1.14 trillion dirhams, despite the challenges and market fluctuations that affect all sectors and regions of the world, which reflects the success of the strategic policies taken by the emirate to promote economic diversification, innovation and entrepreneurship.
Ahmed Jassim Al Zaabi, Chairman of the Department of Economic Development – Abu Dhabi, said: “The distinguished performance of the “Falcon Economy” concept over the past few years confirms the effectiveness of the proactive approach taken by Abu Dhabi in dealing with the driving factors of the global economy and rapid changes. The strong performance of priority sectors and areas, which It led to achieving a growth rate of 9.1 percent for non-oil sectors and 3.1 percent for real gross domestic product during the past year compared to the growth rate in 2022, which was the highest and fastest in the Middle East and North Africa region, confirming Abu Dhabi’s position as a leading and innovative economic force and an attractive destination. For talent, business and quality investments.”
Al Zaabi added: “The road map for the next stage of our development, namely the Economic Diversification Strategy 2.0, builds on these solid foundations to lead the journey of transformation into a smart and sustainable economy that benefits everyone. We continue to achieve the ambitious goals of our economic and social strategy through transformation programs and accelerating growth by taking advantage of the use of technology.” “Advancement, innovation and development of the entrepreneurship system, to enable all actors to achieve their maximum potential in Abu Dhabi, the capital of capital, and to expand globally.”
Abdullah Gharib Al Qamzi, Acting Director General of the Statistics Center – Abu Dhabi, said: “The strong performance of Abu Dhabi’s economy in 2023 demonstrates the success of the strategic efforts pursued by the emirate towards diversification and innovation, as the emirate is moving with confident steps to enhance this growth by giving priority to talent and investments, which consolidates its position.” “The emirate is an attractive destination for investors and entrepreneurs in the global economy.”
He added: “The statistical results published by the Center indicate an expansion in the performance of non-oil economic activities, as the contribution of the non-oil sector reached more than 53 percent of the gross domestic product, thanks to the emirate’s adoption of incentive policies that enable talents, entrepreneurs, and investors to make optimal use of business and investment opportunities.” “.
Statistical estimates showed a remarkable growth in construction activities by 13.1 percent during the year 2023 compared to 2022, with the added value of this sector reaching more than 97 billion dirhams, the highest in ten years, with a contribution of 8.5 percent to the emirate’s gross domestic product during the same period. . The added value of manufacturing activities recorded 101 billion dirhams during the year 2023, representing 8.8 percent of the gross domestic product during this period compared to 2022.
Financial and insurance activities achieved the highest growth rate of 25.5 percent and their best performance in terms of value, reaching 79 billion dirhams, with a contribution to the gross domestic product exceeding 6.9 percent, which reflects the growing confidence of the international community in the emirate’s economy, and consolidates its position as a preferred destination for investors and entrepreneurs.
This positive performance affected the performance of wholesale and retail trade activities, which achieved a growth of 7.9 percent during the year 2023 compared to the year 2022, with their added value reaching about 63 billion dirhams, with a contribution rate exceeding 5.5 percent to the emirate’s gross domestic product, according to the preliminary statistical results published by the Center. Statistics – Abu Dhabi.
Transport and storage activity achieved a remarkable growth of 17.1 percent during the year 2023 compared to 2022, according to statistical estimates. This activity includes all operations related to the transport of passengers and goods by land, sea and air, handling and storage activities, postal activities and their supporting activities.
Both the health activity and the education activity achieved a growth of 5.5 percent during the year 2023 compared to the year 2022, while the “information and communications” activity and “real estate activities” achieved a growth of 5.8 percent during the same period.
The growth rate of arts and entertainment activities reached 7.8 percent during the year 2023, while accommodation and food services activities recorded a growth of 3.1 percent during the same period compared to 2022, which reflects Abu Dhabi’s success in attracting visitors and displaying its features as a global business center and a major destination for events such as exhibitions and conferences.
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