RIYADH: Reflecting Abu Dhabi’s robust performance and the ability of the economy to sustain growth despite global economic challenges, data released by the Statistics Centre – Abu Dhabi, shows expansion of the emirate’s gross domestic product in the first half of 2022 to 11.2 percent compared to the same period last year.
The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022 when it hit 11.7 percent compared to the same quarter last year, according to estimates reported by SCAD.
At the end of the first half of 2022, the real GDP value (at constant prices) exceeded 543 billion dirhams ($149 billion), and the value of the non-oil sectors’ GDP increased 28.4 billion dirhams compared to the same period last year to reach 273 billion dirhams in total.
Furthermore, the statistical estimates reveal that all non-oil economic activities and sectors showed positive growth rates at constant prices during the first half of 2022, most notably, the health and social work activity rising at a rate of 29.9 percent, followed by accommodation and food services at a rate of 29.3 percent, and professional, scientific and support services at a rate of 27.2 percent, wholesale and retail trade activity at a rate of 23.7 percent, real estate activities at a rate of 19.1 percent, and electricity, gas, water, and waste management at 18.0 percent, followed by 13.8 percent for transportation and storage.
The leading economic activities that contributed to the GDP of Abu Dhabi at constant prices during the first half of 2022 included manufacturing activities with the contribution of 8.1 percent, while showing a growth rate of 10.2 percent, according to the results.
In addition, the construction and building activity contributed to the real GDP with 7.7 percent, and achieved a growth rate of 6.9 percent, followed by the wholesale and retail trade activity that contributed 5.9 percent to the GDP.
The financial and insurance activities contributed 5.5 percent to the GDP, with a growth rate of 9.1 percent during the first half of 2022 compared to the same period last year.
Mohamed Ali Al Shorafa, chairman of the Abu Dhabi Department of Economic Development, said, “Economy’s positive growth rates in Abu Dhabi reflect the profound strength and success of the economic diversification policy, which contributed to the economy’s resilience and ability to address global changes posed by geopolitical and economic factors that directly affected strategic sectors such as energy and international trade.”
He added: “The Abu Dhabi economy continues to reap the benefits of the effective policies guided by the wise leadership to strengthen the pillars and foundations of the economy, maintaining a competitive performance while attracting investments with more initiatives to achieve the strategic objectives of Abu Dhabi.”
According to data released by SCAD, the mining and quarrying activities (including crude oil and natural gas) contributed 49.7 percent to the real GDP of Abu Dhabi during the first half of 2022, which means non-oil activities contributed 50.3 percent at constant prices defying the noticeable increases of global oil prices during the same period.
The increase in the non-oil sector’s contribution to the real GDP bears testimony to the success of the ambitious strategic plans for diversifying the economic base in Abu Dhabi.