Abu Dhabi’s gross domestic product (GDP) grew by 3.9% year-on-year (YoY) in the first quarter of 2023, driven by the strong performance of non-oil economic activities, estimates released by the Statistics Centre – Abu Dhabi (SCAD) showed on Monday.
Non-oil GDP grew by 6.1% YoY during the first three months, driven by remarkable performances in construction, wholesale and retail trade, transportation and storage, and financial and insurance services sectors.
According to SCAD estimates, the non-oil GDP (at constant prices) exceeded the highest quarterly value of the past nine years, reaching AED 146 billion in the first quarter of 2023, compared to AED 137.7 billion in the first quarter of 2022, as the total GDP reached AED 276.6 billion.
The outstanding growth took the contribution of non-oil activities to the total GDP to its highest level in eight years at 52.8% despite mounting challenges in the global landscape.
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