x Abu Dhabi, UAEMonday 24 July 2017

Abu Dhabi's non-oil output expands as economy reduces dependence on crude

Abu Dhabi's non-oil economy grew close to 10 per cent last year, according to the emirate's statistics agency.

Abu Dhabi's non-oil economy grew close to 10 per cent last year, according to the emirate's statistics agency.

Faster activity across areas including property, education, professional services and trade led the rise in growth, Statistics Centre Abu Dhabi (Scad) said yesterday. Non-oil output rose by 9.6 per cent at current prices, compared to 7.7 per cent expansion across the overall economy, it said.

"The high flexibility of Abu Dhabi's economy combined with huge financial surpluses, strong growth in non-oil sectors, high oil prices, along with several other significant factors have all contributed to stability and sustained growth," Scad said.

A key part of the Abu Dhabi Government's 2030 Economic Vision is shifting the burden of economic growth away from oil revenue. Non-oil segments contributed about 43.5 per cent to growth last year, Scad said.

Abu Dhabi's GDP more than doubled between 2005 and last year, rising from Dh383.4 billion to Dh911.6bn.

"The impressive economic growth witnessed by the Emirate of Abu Dhabi in recent years has been characterised by the rapid growth of the non-oil economy, meaning the rate of reduction in dependence on oil in the economy was the fastest in the region," Scad said.

 

tarnold@thenational.ae