Abu Dhabi’s gross domestic product (GDP) rose to AED 223.6 billion ($60.87 billion) in the first quarter of 2018, a 9 percent increase from the AED 205.1 billion ($55.84) recorded in Q1 2017, according to new statistics from the Statistic Centre-Abu Dhabi (SCAD).
The emirate’s oil GDP rose 18 percent to AED 86.6 billion ($23.58 billion) in Q1, compared to AED 73.4 billion ($19.98 billion) in the same time period in 2017. Oil constituted a total of 38.8 percent of the emirate’s GDP over the quarter.
Abu Dhabi’s non-oil GDP was found to be AED 136.9 billion ($37.27 billion) in Q1, compared to AED 131.7 billion ($35.85 billion) in Q1 2017. Non-oil GDP was fond to constitute 61.2 percent of Abu Dhabi’s GDP at current oil prices, compared to 64.2 percent in the same time period last year.
Of the various sectors that make up Abu Dhabi’s economy, the value-add of non-financial corporations in Q1 2018 was found to have grown at 9.6 percent, compared to a 9 percent increase in the value add of the general government sector, a 3.6 percent increase in financial corporations and a 1.9 percent increase in the household sector.
In a statement, SCAD chairman Rashid Lahej Al Mansori noted that the data shows that Abu Dhabi has created a favourable environment for business and economic activities in Abu Dhabi, as well as a sound legal and regulatory environment and growth strategy focused on emerging sectors.
“All these factors have empowered the private sector to take an active part in building the economy through attracting investment in existing as well as new areas, thereby gaining comparative advantages and higher competitiveness in international markets, and contributing effectively to the creation of a broad and diversified economic base,” he said.
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