Abu Dhabi GDP to hit $159bn in 2010

Abu Dhabi's gross domestic product (GDP) is expected to see an 8.2% boost this year and will maintain a steady growth rate of no less than 13% to hit AED584 billion ($159 billion) in 2010, according to a report.

Non-oil sectors in the emirate are expected to keep a steady annual growth of at least 18%, said a recent report by the Abu Dhabi Chamber of Commerce and Industry (ADCCI).

The share of non-oil sectors in the GDP is expected to rise to AED 163 billion ($44.4 billion) in 2007, up from AED138 billion ($37.6 billion) in 2006. It is set to jump to AED263 billion ($71.6 billion) in 2010.

Abu Dhabi's non-oil sectors accounted for 37% of its GDP in 2006, a contribution that is expected to surge to 45% by 2010.

The boost in Abu Dhabi's non-oil sectors is due to large investments being pumped into the emirate's economy in the coming years to develop and boost its various sectors, the report said, expecting a steady growth in the emirate's foreign trade.

The emirate's foreign trade surged to around AED36.34 billion ($9.9 billion) in the first half of 2007, compared to around AED25.97 billion ($7.1 billion) for the same period last year.

And its foreign trade grew to AED305 billion ($83 billion) in 2006, witnessing a 26% boost.