Abu Dhabi reports 4.1% GDP growth in second quarter

Abu Dhabi’s GDP grew by 4.1 per cent in the second quarter of 2024, compared to the same period last year, according to Statistics Centre – Abu Dhabi (SCAD). The reported growth was attributed to the expansion of the non-oil sector.

The estimates report by SCAD valued Abu Dhabi’s Q2 GDP at AED 297 billion, with non-oil GDP increasing by 6.6 per cent during this timeframe, reaching a record AED 164.2 billion. The share of the non-oil sector grew to over 55.2 per cent of the capital’s economy and is its highest since 2014.

Chairman of the Abu Dhabi Department of Economic Development (ADDED), Ahmed Jasim Al Zaabi, said “The continued strong performance of our economy over the past years is a testament to its resilience and agility in responding positively and timely to mega shifts in the global economy as we are accelerating the transition to diversified, smart, and sustainable economy. Our economic diversification efforts have positioned Abu Dhabi as a rising economic powerhouse and a global magnet for talents, businesses, and quality domestic and foreign investments."

According to the statistical estimates, the construction sector experienced an increase of 11.5 per cent in Q2 2024 compared to the same quarter last year, reaching the highest quarterly value of AED 27.5 billion. The sector’s contribution to the emirate’s GDP increased to 9.3 per cent, the highest since 2015.

Meanwhile, the finance and insurance activities reported an impressive 13.4 per cent growth in Q2 2024 compared to the second quarter of 2023, contributing 7.4 per cent to GDP, with its value reaching the highest level at AED 22 billion. 

The transportation and storage, and real estate activities grew by 15.2 per cent and 5.5 per cent respectively, reaching values of AED 7 billion and AED 10 billion, and contributing 2.4 per cent and 3.4 per cent to the emirate’s GDP in the second quarter of 2024.