Abu Dhabi GDP up 17.7 percent in Q1

ABU DHABI — The Emirate of Abu Dhabi’s Gross Domestic Product, GDP, was up 17.7 percent during Q1 2017 at current market prices, against the corresponding period last year, according to Statistics Centre – Abu Dhabi, SCAD, which attributed the positive development to the significant growth posted by non-oil economic platforms.

“The current significant increase in GDP is primarily attributable to the added value delivered by oil economic activities which spiralled by 70.0 percent, with non-oil sectors, however, still contributing to more than two thirds of the country’s GDP, while oil businesses accounted for 31.2 percent of the GDP at current prices,” said Butti Ahmed Mohamed Bin Butti Al Qubaisi, SCAD Director General.

He added that the current data and statistics give a bullish outlook about the resilience of the emirate’s economy and enhance its competitiveness and buoyancy.

For his part, Khalifa Bin Salem Al Mansouri, Acting Undersecretary of the Department of Economic Development, noted that the current economic status reflects the success achieved by the emirate’s economic diversification programme, aimed at ensuring new income generating streams and launching performance-driven activities in line with the determinants of the Abu Dhabi Economic Vision 2030 as per which diverse efforts are being made to wean the emirate’s economy off oil.

Al Mansouri added that the development indexes during the Q1 reflect the positive performance achieved by non-oil sectors and the resilience boasted by the financial sectors vis-a-vis the headwinds triggered by the fast-paced economic developments worldwide.

Source: Emirates News Agency