x Abu Dhabi, UAEFriday 19 January 2018

Oil output helps Abu Dhabi economy grow 5.6% last year

Manufacturing and property were also growth drivers, according to figures from Statistics Centre Abu Dhabi.

Growth in oil output helped Abu Dhabi’s economy to expand 5.6 per cent last year, according to the latest data.

Manufacturing and property were the other big drivers of overall growth during the year, showed data released yesterday by Statistics Centre Abu Dhabi (Scad).

It followed growth of 9.3 per cent the year before, according to the data.

Abu Dhabi’s economy has been supported in the past two years by higher oil output as production was ramped up to compensate for cuts to Libyan output in 2011 and last year for the dip in Iran’s exports as a result of international sanctions.

Annual production of crude oil rose 3.8 per cent last year, while annual production of natural gas rose 21.1 per cent, according to the Abu Dhabi Statistics Yearbook.

The share of oil and gas activity in overall GDP dipped from 58.1 per cent in 2011 to 56.1 per cent last year.

Under the Abu Dhabi Economic 2030 Vision, the goal is to cut the emirate’s reliance on oil to 36 per cent of GDP by 2030.

The data showed the volume of trade reached 39.8 per cent of the emirate’s GDP.

Inflation reached 1.1 per cent last year, the data showed. The hotels and restaurant group contributed 51.8 per cent of the rise. Average prices among restaurants and hotels increased 16.4 per cent. The next biggest contributor was the food and beverages group, which accounted for 44.8 per cent of the rise.

Government revenues rose during the period by 11.9 per cent, the data showed without supplying a monetary value. Petroleum revenues, tax and capital revenues helped to boost income.