The Statistics Centre - Abu Dhabi (SCAD) has announced statistical estimates revealing the growth of Abu Dhabi’s gross domestic product (GDP) by 3.3 per cent during the first quarter of 2024 compared to the first quarter of 2023. This growth is attributed to the positive performance of non-oil economic activities.

Estimates indicate that non-oil GDP increased by 4.7 per cent during the first quarter of 2024, driven by growth across all non-oil economic sectors. The transportation, construction and building, financial activities, and accommodation and food activities, demonstrated the greatest performance. These positive results reflect the impact of the economic diversification policies implemented by the government.

According to statistical estimates, the contribution of non-oil activities to the overall economy of the Emirate of Abu Dhabi reached its highest level since 2015 at 54.1 per cent. Specifically, the quarterly value of the non-oil economy exceeded its previous record, reaching AED 154.7 billion during the first quarter of 2024. The total value of the emirate’s economy (including both oil and non-oil sectors) reached AED 286 billion during this period.

His Excellency Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said: “Our economy continues to deliver consistent, stellar growth, reaffirming its resilience and dynamism to navigate headwinds and global challenges impacting all economies and sectors. Guided by the leadership’s far-sighted vision and backed by strong fundamentals, Abu Dhabi’s soaring ‘Falcon Economy’ has taken great strides to accelerate growth and transition to a smart, diversified, inclusive and sustainable economy.”

“With a 3.3 per cent rise of total GDP and 4.7 per cent of non-oil economy in first three months of 2024, we are forging ahead with our strategies to cement Abu Dhabi’s position as a global magnet for outstanding talents, businesses and investments to grow and expand from the emirate and shape a brighter future for all. Our attributes as ‘Capital of Capital’ are attracting global financial powerhouses to Abu Dhabi, supporting the financial activities to grow by 9.7 per cent, and supercharging non-oil sectors, which have contributed 54.1 per cent to total GDP in Q1 2024.”