ABU DHABI / WAM
The Gross Domestic Product of the Emirate of Abu Dhabi surged 12 percent to as much as AED456 billion in current prices from AED407 billion in 2017, according to official figures released recently 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 the first quarter of the year, the emirate’s GDP grew 9 percent as compared to the corresponding period in 2017, and jumped 15.3 percent during the second quarter against the same period.
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 AED180 billion during first half of the year, accounting for 39.4 percent of the emirate’s economic output in current prices. During second quarter, oil GDP grew 35.7 percent and 15.2 in first quarter.
In the meantime, the emirate’s non-oil output valued AED276 bn in first half of the year, a growth of 4.9 percent from AED263 billion in the same period in 2017.