UAE's Abu Dhabi sees non-oil GDP growth of 7.7% in Q3 2023 -statement | Reuters
United Arab Emirates' capital Abu Dhabi posted third-quarter non-oil gross domestic product (GDP) growth of 7.7%, the government media office reported on Friday citing the emirate's statistics agency.
The emirate registered overall economic growth of 1% in Q3 year on year, according to preliminary estimates released by the Statistics Centre-Abu Dhabi (SCAD) to reach 290.5 billion dirhams ($79.11 billion).
Abu Dhabi registered 2.8% growth in real GDP over the first nine months of 2023 compared to the same period a year prior and 8.6% growth in non-oil activities.
Lower production and oil prices this year have weighed on overall growth but Gulf states have all stepped up efforts to diversify their economies and income sources away from hydrocarbons to plan for more sustainable growth in the long term.
Abu Dhabi holds the vast majority of the OPEC member's oil reserves but has accelerated the development of sectors such as manufacturing and tourism.
Non-oil activities account for more than 50% of the emirate's overall economy, with manufacturing contributing 17% to non-oil GDP in Q3 and 9% to its overall GDP.
Foreign investment into Abu Dhabi grew by 9.7% in 2022, according to SCAD data, to reach more than 831 billion dirhams.
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