Abu Dhabi Reports Growth of Emirate’s Non-oil Economy and Real GDP 

Source: Abu Dhabi Media Office

These figures underscore the economy's resilience, particularly in sectors such as construction, finance and insurance, and transportation and storage, which collectively contributed over 53 per cent to the total GDP.

In Q4 2023, Abu Dhabi's economy expanded by 4.1 per cent, driven by the continued growth of non-oil sectors, which saw a remarkable 10.4 per cent increase during the same period.

The emirate's economic success can be attributed to strategic initiatives aimed at diversifying the economy. Investments in industrial, financial, and tourism sectors, coupled with efforts to attract foreign investment and foster entrepreneurship, have resulted in significant job creation opportunities.

In 2023, Abu Dhabi's GDP reached AED1.14 trillion, marking its highest value in a decade despite global market challenges. This achievement reflects the efficacy of Abu Dhabi's policies in promoting economic diversification, innovation, and entrepreneurship.

His Excellency Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, emphasized Abu Dhabi's proactive approach in navigating global economic dynamics. He highlighted the exceptional growth of targeted sectors, with non-oil sectors witnessing a 9.1 per cent rise and real GDP growing by 3.1 per cent in 2023.

His Excellency Abdulla Gharib Alqemzi, Acting Director General of SCAD, lauded Abu Dhabi's strategic efforts in diversification and innovation, which have positioned the emirate as an attractive destination for talents, investors, and entrepreneurs.

The statistical data revealed significant growth in construction activities, with a 13.1 per cent increase in 2023 compared to the previous year. Manufacturing activities also saw notable growth, contributing 8.8 per cent to the GDP.

Financial and insurance activities recorded the highest growth rate at 25.5 per cent, underlining Abu Dhabi's appeal to the international community as an investment hub.

The positive momentum extended to wholesale and retail trade, transportation and storage, health, education, information and communication, real estate, arts and recreation, and accommodation and food services sectors.

Abu Dhabi's success in attracting visitors and establishing itself as a global business centre is evident from the growth across various economic activities, reflecting the emirate's resilience and strategic vision for sustainable development.