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Abu Dhabi’s robust non-oil economy spurs impressive Q2 2023 GDP growth

UAE Times Now

According to initial estimates, the value of the emirate’s real GDP in the second quarter reached its highest value at Dh287 billion.

Strong Non-Oil Economy

The Statistics Centre – Abu Dhabi (SCAD) has unveiled the Gross Domestic Product (GDP) estimates for the second quarter of 2023, revealing an astonishing 12.3% surge in the non-oil economy. 

This remarkable growth is accompanied by a 3.5% increase in the total GDP when compared to the same period in 2022, underscoring Abu Dhabi’s economic competitiveness and resilience in the face of global economic challenges.

Record-Breaking Non-Oil GDP

Abu Dhabi’s non-oil economic activities have exhibited consistent growth in Q2 2023. This surge has propelled the value of the emirate’s real non-oil GDP to a historic high of Dh154 billion, marking the highest figure since 2014 and surpassing the previous record set in the first quarter of the current year at Dh146 billion.

Peak Real GDP

Preliminary estimates indicate that Abu Dhabi’s real GDP reached its zenith in the second quarter of 2023, totaling Dh287 billion. 

This remarkable achievement is attributed to the expansion of all non-oil activities, further elevating their contribution to the GDP to 53.7%. Consequently, the emirate’s non-oil GDP has witnessed a substantial 9.2% growth in the first half of 2023 compared to the corresponding period in the previous year.

Abu Dhabi’s impressive economic performance, especially in its non-oil sectors, reflects its resilience and ability to thrive amid global economic challenges, positioning the emirate as a prominent player in the region’s economic landscape.

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