Haseeb Haider / 20 June 2013
Abu Dhabi grew 7.7 per cent year on year in 2012, on higher oil prices. “The flexibility of Abu Dhabi economy combined with the huge financial surpluses, strong growth in non-oil sectors, high oil prices, along with several other significant factors have all contributed to the stability and sustained growth of the local economy,” said Statistics Centre – Abu Dhabi, or Scad.
Abu Dhabi’s GDP at current prices reached a record Dh911.6 billion in 2012, up from Dh846.7 billion in 2011, according to a report released by Scad.
The preliminary data announced by the statistical gathering agency also indicate a rise in the annual growth rate of non-oil sectors to 9.6 per cent, surpassing all earlier forecasts and estimates, underlining the “robustness, stability and competitive advantage of the economy, boosting its appeal to local and foreign investors.”
Abu Dhabi showed a significant growth in oil and non-oil sectors at current prices achieved a net gain of Dh64.9 billion, surpassing all forecasts and estimates. The GDP time series indicates that the Abu Dhabi GDP at current prices has doubled 2.4 times from 2005 to 2012, increasing form Dh383.430 billion to Dh911.591 billion during this period.
The non-oil activities and sectors contributed about 43.5 per cent of Abu Dhabi’s GDP at current prices in 2012, and 48 per cent at constant prices for the same year.
The non-oil activities achieved high growth rates of about 9.6 per cent at current prices and 7.7 per cent at constant prices over the past year.
There has been an upward trend in non-oil activities over the course of the past few years, with the non-oil GDP at constant prices growing from Dh200.209 billion in 2005 to Dh325.433 billion in 2012.
Abu Dhabi has made huge strides and achieved a high level of diversity in a short span of time becoming a business hub. for concluding major business deals.
Buoyed by oil revenues going into infrastructure, in recent years Abu Dhabi economy has advanced in leaps and bounds and has evolved into regional, financial, commercial and tourist hotspot.
Oil accounted for 56.5 per cent of the Abu Dhabi’s GDP at current prices and only for 52 per cent of the GDP at constant prices in 2012 despite the considerable rise in oil prices during the past years.
The real estate and education sectors grew 15 per cent in 2012, while wholesale and retail trade grew 14.5 per cent, followed by transport and storage 13.4 per cent.
Manufacturing activities achieved a record growth rate of 11.2 per cent followed by the electricity, gas, and water by10.1 per cent.
Source: Khaleej Times