ABU DHABI 22 October 2018: The Gross Domestic Product of the Emirate of Abu Dhabi surged 12 per cent to Dh456 billion in current prices from Dh407 billion in 2017, according to official figures released by the Abu Dhabi Statistics Centre – Abu Dhabi (SCAD).
The growth reflects the economic recovery witnessed by the domestic economy on the back of a noticeable improvement in global oil prices and the upswing recorded across non-oil activities.
During Q1, the Emirate GDP grew 9 per cent as compared to the corresponding period in 2017, and jumped 15.3 per cent during Q2 against the same period, said Wam.
Economic analysts expect further growth in GDP during the coming few months driven by the continuing rise in oil prices which have hit record highs recently.
In addition, the oil GDP was up to Dh180 billion during H1, accounting for 39.4 per cent of the emirate’s economic output in current prices. During Q2, oil GDP grew 35.7 per cent and 15.2 in Q1.
In the meantime, the emirate’s non-oil output valued Dh276bn in H1, a growth of 4.9 per cent from Dh263 billion in the same period in 2017.