Abu Dhabi’s financial system expands by 9.3% in 2022 as non-oil sector shines
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Abu Dhabi: The nation’s capital has launched the gross home product (GDP) estimates report for 2022, unveiling a 9.3 per cent progress by the top of the 12 months in comparison with 2021, knowledge from the Statistics Centre – Abu Dhabi (SCAD), revealed. Senior officers revealed that the Emirate had achieved unprecedented progress charges in its non-oil GDP, registering an 8.4 per cent improve by the top of 2022. The Emirate, led by the Abu Dhabi Division of Financial Growth (ADDED), took a number of steps to diversify its financial system whereas sustaining a prudent fiscal coverage and progressively responding to market wants and developments final 12 months, mentioned officers.
The Emirate’s Media Workplace introduced Monday that the Abu Dhabi Industrial Technique (ADIS), launched in June 2022, goals to speculate Dh10 billion throughout a number of programmes to greater than double the dimensions of the sector to Dh172 billion, creating 13,600 jobs and improve the Emirate’s non-oil exports by to Dh178.8 billion by 2031.
Ahmed Jasim Al Zaabi, the Chairman of the Abu Dhabi Division of Financial Growth (ADDED), mentioned: “A forward-looking enabler, ADDED views Abu Dhabi’s achievements which have cemented its place as a most popular vacation spot for enterprise, funding, and abilities as a basis of the following section of our growth; ‘Financial Diversification 2.0’.”
Non-oil progress
In line with the estimates issued by the SCAD, This fall 2022 actual GDP achieved a progress of 5.9 per cent, price Dh278.3 billion in comparison with the identical interval in 2021. The contribution of non-oil sectors to GDP reached 50.2 per cent to report Dh139.6 billion of the GDP complete worth throughout This fall 2022. Furthermore, the non-oil sectors witnessed a notable progress of Dh43 billion, bringing the whole to Dh554.6 billion by the top of 2022. This resulted within the non-oil sectors contributing 50 per cent to the GDP.
Abdulla Gharib Alqemzi, Appearing Director Basic of the Statistics Centre – Abu Dhabi, mentioned: “The Emirate of Abu Dhabi has achieved unprecedented progress charges in its non-oil gross home product, registering a outstanding 8.4 per cent improve by the top of 2022.
Different sectors
Actual property actions in Abu Dhabi witnessed a outstanding improve of 17.1 per cent in comparison with 2021. Progress charges in well being and social work actions in Abu Dhabi elevated by 16.6 per cent. The wholesale and retail commerce actions in Abu Dhabi displayed a progress price of 11.6 per cent in 2022, reaching Dh58.6 billion. This progress signifies the sector’s vital contribution of 5.3 per cent to Abu Dhabi’s actual GDP in 2022. The transport and storage actions exceeded Dh18.6 billion in 2022, with a progress of 10.9 per cent. This sector includes a number of actions, together with passenger and cargo transport by rail, land, air, sea, and associated storage actions.
Lodging and meals service actions in Abu Dhabi witnessed a progress price of 11.9 per cent. Manufacturing actions grew 9.7 per cent, contributing 8.2 per cent to the Emirate’s GDP and reaching Dh90.8 billion in 2022.
Building actions in Abu Dhabi displayed an obvious progress price of seven.6 per cent in 2022, with a price of Dh86 billion. Furthermore, this progress signifies the sector’s vital contribution of seven.8 per cent to Abu Dhabi’s actual GDP. The Emirate’s finance and insurance coverage actions witnessed a outstanding progress of seven.4 per cent, amounting to Dh62.4 billion in 2022, contributing 5.6 per cent of the Emirate’s GDP.
