Abu Dhabi's GDP moves higher in third quarter of 2019
Growth up 2.7 per cent at constant prices after recording a 5.2 per cent increase in second quarter
Abu Dhabi's economy grew 2.7 per cent at constant prices in the third quarter of 2019, according to new data.
The emirate's GDP reached Dh204.9bn at constant prices during the three months to September, up from Dh199.5bn in the same period a year earlier, according to Statistics Centre Abu Dhabi. GDP in the second quarter was up 5.2 per cent at constant prices in the second quarter, but at current prices was up only 1.5 per cent. No current price GDP figure was given for the third quarter.
“Abu Dhabi’s GDP has shown significant growth at both constant and current prices across sectors, proving the effectiveness of the financial and economic policies formulated by Abu Dhabi’s wise leadership. Despite the fluctuations in [the] global economy, Abu Dhabi's economy has maintained its stability, thanks to the flexible economic diversification model adopted by the emirate." said SCAD's acting director-general Abdullah Al Suwaidi.
The organisation also published its annual report for 2018, which showed GDP grew at 14.6 per cent at current prices and 1.2 per cent at constant prices.
Non-oil GDP at current prices increased by 1.4 per cent to Dh543.9bn, making up 58.3 per cent of the emirate's total GDP. Oil GDP increased by 40.2 per cent using the same measure, to Dh338.5bn.
Rashid Al Balooshi, undersecretary of the Abu Dhabi Department of Economic Development, said the growth last year coincided with the implementation of strategic initiatives undertaken as part of the Ghadan 21 programme, a three-year Dh50bn stimulus package aimed at boosting the emirate's economy.
He said DED "will undertake further initiatives" to help stimulate the economy.
Updated: January 12, 2020 06:57 PM