Yesterday, the Statistics Center in Abu Dhabi announced that the emirate’s real non-oil GDP grew by 7.7% during the third quarter of 2023, compared to the same quarter of 2022, benefiting from the success of Abu Dhabi’s comprehensive strategies to enhance the emirate’s position as an influential economic power.
According to preliminary estimates revealed by the Center, most non-oil sectors continued to achieve significant growth rates, bringing the value of their contributions to the overall economy to 52.8%, with the horizons of the non-oil economy expanding, despite the fluctuations in global oil and gas markets.
With the development of the performance of non-oil economic activities, the emirate’s economy achieved its highest quarterly value at 290.5 billion dirhams, as the emirate’s real gross domestic product during the third quarter of 2023 maintained a positive growth rate of 1% during this period compared to the third quarter of the previous year. Despite the decline in oil prices.
Estimates indicate that real GDP will grow by 2.8% during the first nine months of 2023, compared to the same period in 2022, and the continued expansion of non-oil activities during the same period, as the growth rate of non-oil GDP reached 8.6%. Ahmed Jassim Al Zaabi, head of the Department of Economic Development in Abu Dhabi, said: “The continuation of this strong performance confirms the resilience of Abu Dhabi’s economy and the effectiveness of our approach in transforming challenges into opportunities.”
He added, “Achieving economic growth at a rate of 2.8% in gross domestic product, driven by the high growth of non-oil sectors, which reached 8.6%, during the first nine months of 2023 represents evidence of the strength and durability of economic foundations and the vitality of frameworks and policies.”
For his part, Acting Director General of the Statistics Center in Abu Dhabi, Abdullah Gharib Al Qamzi, said, “The Center is committed to improving the quality and enabling access to more accurate analyzes on which local and international investors rely in their decisions.”
2023-12-29 22:08:35
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