• Abu Dhabi's non-oil GDP grows by 7.7 % in Q3, 8.6% in first 9 months of 2023
• Construction activity continues to expand at positive rates to 14.3 % during the third quarter of 2023
• Real GDP growth of 2.8% in the first nine months of 2023

Abu Dhabi, UAE : The Statistics Centre – Abu Dhabi (SCAD) announced that the real non-oil GDP of the Emirate of Abu Dhabi grew by 7.7 % during the third quarter of 2023 compared to the third quarter of 2022, benefiting from the success of Abu Dhabi’s comprehensive strategies to enhance the emirate’s position as an influential economic force.

According to preliminary estimates announced by the Statistics Centre – Abu Dhabi, most non-oil sectors continued to achieve significant growth rates, with their contributions to the overall economy reaching 52.8%, with the prospects of the non-oil economy expanding despite the volatility of global oil and gas markets.

With the development of the performance of non-oil economic activities, the emirate’s economy achieved its highest quarterly value at AED 290.5 billion, as the emirate’s real GDP during the third quarter of 2023 maintained a positive growth rate of one percent during this period compared to the third quarter of the previous year, despite the decline in oil prices.

Real GDP is estimated to grow by 2.8% during the first nine months of 2023 compared to the same period last year, with non-oil activities continuing to expand during the same period, with non-oil GDP growth reaching 8.6%.

His Excellency Ahmed Jassim Al Zaabi, Chairman of the Department of Economic Development – Abu Dhabi , said: “The continuation of this strong performance confirms the resilience of Abu Dhabi’s economy and the effectiveness of our approach in transforming challenges into opportunities at this stage in which the global economy is witnessing major transformations that affect various markets and sectors.”

His Excellency Al Zaabi added: “Achieving economic growth of 2.8% in GDP, driven by the high growth of non-oil sectors that reached 8.6%, during the first nine months of 2023 is evidence of the strength and solidity of the economic foundations and the vitality of frameworks and policies, which enhances the ability of the “Falcon Economy” to achieve more achievements. In light of the strategic programs for economic diversification, expanding private sector participation, and launching initiatives to attract more local and foreign direct investments, Abu Dhabi is consolidating its position as a preferred destination for talent, investments and businesses. We renew our commitment to continue adopting our proactive vision for the continuous development of a vital business system characterized by global competitiveness and supporting the business sector by providing promising opportunities for entrepreneurs and investors and enabling them to achieve their maximum potential, while focusing on the priority of human development and sustainability in our economic and social strategies.”

His Excellency Abdullah Ghareeb Al Qamzi, Acting Director General of the Statistics Centre – Abu Dhabi, said: “SCAD is committed to improving the quality and enabling access to more accurate analyses that local and international investors rely on in their decisions. The centre provides several statistical indicators that support decision-makers and specialists in determining investment priorities and monitoring the performance of various sectors to measure progress and development in the performance of the local economy in accordance with the best international practices in producing statistics and preparing forward-looking analyses.”

His Excellency added: “The economic performance indicators for the third quarter of this year demonstrated the ability of the Abu Dhabi economy to maintain its growing path since the second quarter of 2021 , driven by the growth of non-oil activities, which reduced the impact of the slowdown in oil activities at the global level. The statistical figures published by the Statistics Centre – Abu Dhabi confirm the emirate’s efforts to diversify the economy and expand non-oil activities.”

Manufacturing activities topped the list of non-oil activities with a value of AED 26.3 billion, contributing more than 17% of the non-oil GDP and 9% of the GDP value, which reflects the ongoing economic diversification efforts, such as the Abu Dhabi Industrial Strategy, which aims to consolidate the emirate’s position as the most competitive industrial centre in the region, and the accelerated growth of non-oil activities in the emirate.

In the same context, the construction activity continues to expand at positive growth rates reaching 14.3 % during the third quarter of 2023 compared to the third quarter of 2022 , as the value of this activity reached 25 billion dirhams, with a contribution rate of more than 16.3 % of the non-oil GDP and 8.6 % of the added value of the overall economy during the third quarter of 2023 .

Statistical estimates published by the Statistics Centre – Abu Dhabi indicate growth in most non-oil sectors, with the transportation and storage sector achieving the highest growth rate in this quarter at 20% compared to growth rates in previous quarters, affected by the significant growth in the size of the shipping container market and the number of trips and passengers.

Financial and insurance activities witnessed a growth of 14.4 % during the third quarter of 2023 compared to the same period last year, bringing the sector’s value to AED 18.7 billion and contributing 6.4 % to the emirate’s GDP during this period.

This economic growth boosted foreign investment activity in the emirate during 2022, as statistics published by the Statistics Centre - Abu Dhabi indicate a growth in total foreign investments in the emirate by about 9.7% during 2022, and total foreign investment in the emirate exceeded 831 billion dirhams.

The performance of the economies of the Middle East and North Africa region varies significantly during this period, with the economy of the Emirate of Abu Dhabi achieving one of the highest growth rates during 2022 and the first 9 months of 2023, which confirms the distinguished position of the Emirate of Abu Dhabi thanks to its competitiveness and attractive investment climate.

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Information about Statistics Centre - Abu Dhabi

Statistics Centre - Abu Dhabi was established by Law No. (7) of 2008 to regulate and develop statistical work in the Emirate of Abu Dhabi. The Centre was reorganized by Law No. (5) of 2021, which included transferring its affiliation to the Abu Dhabi Executive Office. In April 2023, pursuant to Executive Council Resolution No. (39) of 2023, the Centre’s affiliation was transferred to the Government Support Department.

The Centre supports government decision-makers and adopts a decentralised system in statistical work. The Centre has an independent legal personality and enjoys financial independence and full legal capacity to act in a manner consistent with the emirate’s orientations towards sustainable development and strategic planning.

The Centre is responsible for developing and building an integrated statistical system for the Emirate of Abu Dhabi by organising, unifying and managing all aspects of statistical work in the Emirate. This includes building and organising statistical frameworks for all activities and sectors and updating them periodically, and providing technical supervision over statistical work and statistical data systems for government entities to provide the necessary support to provide reliable statistics, in addition to the Centre collecting, classifying, storing, analysing, processing, archiving, publishing and protecting statistical data for the Emirate of Abu Dhabi from data sources. The Centre is also responsible for conducting, developing and publishing estimates, projections, extrapolations and future forecasts. The Centre has the authority to contract with any entity or company inside or outside the Emirate to carry out data collection and other statistical activities.

© Press Release 2023