Abu Dhabi’s gross domestic product reached Dh196.1 billion in the fourth quarter of last year, up by 7.7 per cent compared to the same period in 2014, according to a new report.
Data from Statistics Centre Abu Dhabi (Scad) in the report issued by the Abu Dhabi Department of Economic Development showed that the non-oil GDP growth rate, adjusted for inflation, reached 8.8 per cent year-on-year in the fourth quarter of last year.
Ali Al Mansouri, the department’s chairman, said that financial markets, the tourism sector and non-oil foreign trade supported non-oil growth.
“The performance of non-oil sectors reflects the flexibility and capabilities of Abu Dhabi’s economy … to accommodate challenges related to unfavourable developments in the international economy, transforming these challenges into opportunities to move forward towards a more diversified economy and achieve the goals of the Abu Dhabi Economic Vision 2030,” he said.
In the present year, according to the report, Abu Dhabi’s non-oil foreign trade in January and February grew to Dh30.8bn, about 7.7 per cent higher compared with the same period last year. This was the result of a 69.7 per cent surge in non-oil exports to Dh9.8bn, while the value of imports and re-exports decreased by 9.1 per cent and about 0.5 per cent, respectively.
The increase in non-oil exports was because of the higher volume of consumer goods exported including food and beverages and transport equipment and parts, the report said.
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