Abu Dhabi's Gross Domestic Product (GDP) in the first half of 2022, reaching 11.2% compared to the same period last year, according to Statistics Centre - Abu Dhabi (SCAD).
The growth reflects the emirate's robust performance and the ability of the economy to maintain competitiveness and sustain growth despite global economic challenges, stated SCADA citing the statistical data.
As per SCAD estimates which was published by the Abu Dhabi Government Media Office (ADGMO), the quarterly GDP growth rate reached its highest value in six years during the second quarter which hit 11.7% compared to the same quarter last year.
At the end of the first half of 2022, the real GDP value (at constant prices) exceeded AED543 billion ($123 billion) and the value of the non-oil sectors' GDP surged to reach AED273 billion ($74.3 billion) in total.
According to the results, the leading economic activities that contributed to the GDP of Abu Dhabi at constant prices during the first half included manufacturing activities with the contribution of 8.1%, while showing a growth rate of 10.2%.
In addition, the construction and building activity contributed to the real GDP with 7.7%, and achieved a growth rate of 6.9%, followed by the wholesale and retail trade activity that contributed 5.9% to the GDP.
The financial and insurance activities contributed 5.5% to the GDP, with a growth rate of 9.1% during the first half of 2022 compared to the same period last year.
The statistical estimates show that all non-oil economic activities and sectors showed positive growth rates at constant prices during the first half of 2022, most notably, the health and social work activity rising at a rate of 29.9%, followed by accommodation and food services at 29.3%, and professional, scientific and support services at 27.2%.
The wholesale and retail trade activity rose at a rate of 23.7%, followed by real estate activities at a rate of 19.1%, and electricity, gas, water, and waste management at 18.0%, followed by 13.8% for transportation and storage, stated SCADA.
Abu Dhabi Department of Economic Development (ADDED) Chairman Mohamed Ali Al Shorafa said: "Economy’s positive growth rates in Abu Dhabi reflect the profound strength and success of the economic diversification policy, which contributed to its resilience and ability to address global changes posed by geopolitical and economic factors that directly affected strategic sectors such as energy and international trade."
Abu Dhabi economy continues to reap the benefits of the effective policies guided by the wise leadership to strengthen the pillars and foundations of the economy, maintaining a competitive performance while attracting investments with more initiatives to achieve the strategic objectives of Abu Dhabi, he noted.
According to data released by SCADA, the mining and quarrying activities (including crude oil and natural gas) contributed 49.7% to the real GDP of the emirate in the first half, which means non-oil activities contributed 50.3% at constant prices defying the noticeable increases of global oil prices during the same period.
The increase in the non-oil sector's contribution to the real GDP proves the success of the ambitious strategic plans for diversifying the economic base in Abu Dhabi, it added.-TradeArabia News Service