Abu Dhabi’s GDP rises to Dh207bn in Q1 2019
Oil sector a major driver of economic growth
Abu Dhabi's Gross Domestic Product grew 5.7 per cent at constant prices in the first quarter of 2019 to Dh207 billion, driven by growth in the oil sector, according to the latest report from Statistics Center Abu Dhabi (Scad).
“The remarkable growth in Abu Dhabi’s economy during the first quarter of 2019 was driven by the growth in the oil sector, while non-oil activities continued to post steady growth rates, underscoring the ability of the emirate's economy to stay strong,” said Rashid Abdul Karim Al Balooshi, acting undersecretary of the Abu Dhabi Department of Economic Development (DED).
“This is due to the numerous development projects currently being implemented by the emirate’s government in multiple value-add economic sectors,” he said.
The government is working to consolidate public-private partnerships through the launch of various programmes as part of the Ghadan 21 programme, a Dh50bn three-year initiative driving economic development, innovation, ease of doing business and liveability in the UAE capital. One of the key tenets of the programme is to develop infrastructure, including transportation, communication and urban development.
Mr Al Balooshi pointed out that the emirate's GDP growth for the first quarter of the year came amid a series of moves taken to stimulate the business enviroment, including an exemption from licence fees for two years, which contributed to the continued expansion of economic activity in all sectors across the emirate.
The report also said Abu Dhabi GDP at current prices increased 3.3 per cent to Dh226bn in the first quarter of 2019 compared to Dh219bn during the first quarter of 2018 due to growth in the oil sector.
Abu Dhabi’s oil GDP also grew year-on-year at both current and constant prices, the report said.
At current prices, oil GDP made up 39.8 per cent of the emirate’s overall GDP in the first quarter of 2019, reaching Dh89.9bn, an 11.6 per cent increase from Dh80.6bn in the first quarter of 2018.
The oil GDP rate at constant prices also increased from Dh94.7bn in the first quarter of 2018 to Dh106.8bn in the first quarter of 2019, marking a rise of 12.8 per cent. It contributed 51.6 per cent of Abu Dhabi’s GDP during the first quarter of 2019.
Updated: July 23, 2019 07:31 PM