ABU DHABI 18 August 2020: The UAE’s constant price of Gross Domestic Product (GDP), amounted to Dh368.52 billion in the first quarter of 2020, including Dh252 billion for non-oil products, therefore, maintaining the record level recorded in the fourth quarter of 2019, according to the latest statistics of the Federal Competitiveness and Statistics Authority (FCSA).
The UAE’s GDP at current prices amounted to Dh362.8 billion in the first quarter of 2020, including Dh282.61 billion for non-oil products.
These figures show that the country’s total oil output at constant prices, including extractive industries, such as oil and gas, grew by 3.3 percent in the first quarter of 2020, reaching Dh116.574 billion compared to around Dh112.82 billion in the same period of 2019, said Wam.
The GDP of the non-financial sector, excluding the oil sector, amounted to some Dh201.4 billion in the first quarter of 2020 at constant prices with a 54.6 percent contribution, while the GDP for financial and insurance activities amounted to around Dh31.72 billion, with an 8.6 percent contribution to national GDP.
The GDP for public administration and social insurance amounted to Dh18.83 billion in the first quarter of 2020.
Mohammed Hassan, Executive Director of the National Statistics and Data Sector at the FCSA, said that the UAE’s GDP figures for the first quarter of 2020 confirm the strength of the national economy, considering the current circumstances facing the entire world, and highlight its ability to handle economic crises.
In an exclusive statement to the Emirates News Agency, WAM, he stressed that the majority of GDP figures reflect positive indicators and predict future growth in non-oil activities.