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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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