Abu Dhabi GDP to grow by 3.8% in 2011

Exports from UAE capital also expected to amount to $91.3bn during the next year, says ADCC

GDP GROWTH: Abu Dhabi's Chamber of Commerce and Industry forecast a 3.8% rise in the emirate's GDP (ITP Images)

GDP GROWTH: Abu Dhabi's Chamber of Commerce and Industry forecast a 3.8% rise in the emirate's GDP (ITP Images)

Abu Dhabi’s gross domestic product is expected to grow by 3.8 percent in 2011 to AED567.3bn ($154.4bn), the Abu Dhabi Chamber of Commerce and Industry has said.

In a report posted on its website, the Chamber said that it expected the gross fixed capital formation to account for $30.68bn in 2011, a 15 percent increase from 2010.

Exports are expected to amount to $91.3bn, excluding re-exports next year, the report said.

The contribution of non oil industries to gross domestic product for the emirate is expected to increase by 5.1 percent to $70.3bn. In November, the government said that the non oil sector made up 45 percent of the capital’s GDP.

A government official said at the time that Abu Dhabi had originally planned to hit that diversification target in 2015. The emirate has invested billions of dollars into industry, tourism, infrastructure and real estate in an attempt diversify its economy away from oil.

The Abu Dhabi Tourism Authority said that it expected tourism to rise by 15 percent in 2011, while contributing 11 percent towards it non oil GDP.

As part of its tourism drive, Abu Dhabi hosts a Formula One Grand Prix at Yas Marina, and in November, it opened Ferrari World, the world’s largest indoor theme park.

The capital’s workforce is expected to rise by five percent to 1.49 million, the Chamber’s report said.

Oil-related income comprised 49 percent of the emirate's GDP in 2009.

 

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