Abu Dhabi saw an exceptional growth in the construction economic activity's value addition to the emirate's non-oil GDP during Q2 2023.
This growth rate reached 19.1% year-on-year, making the highest quarterly value-addition since 2014, at AED25.3 billion ($6.89 billion) thanks to its projects’ ability to achieve high completion rates, said statistical estimates published by Abu Dhabi Statistics Centre.
The construction activity’s contribution to Abu Dhabi's GDP amounted to 8.8% during Q2 2023, it said.
Abu Dhabi's non-oil economy showed a whopping 12.3% growth in the second quarter of this year, helping the overall GDP to post a 3.5% increase compared to the same period in 2022, the Statistics Centre said.
The growth is a testament to Abu Dhabi economy’s competitiveness and resilience, enabling it to navigate global economic headwinds, it said.
The value of the emirate's real non-oil GDP increased to AED154 billion, the highest since 2014 to break a record registered in the first quarter of current year, where it surpassed AED146 billion.
According to preliminary estimates, the value of Abu Dhabi’s real GDP in the second quarter of 2023 reached its highest level at AED287 billion, driven by the growth of all non-oil activities, to continue the increase of its contribution to the GDP to 53.7%. This boosted the growth of the emirate’s non-oil GDP by 9.2% in the first half of 2023 compared to the same period last year. - TradeArabia News Service