Abu Dhabi’s non-oil economy grew 9.1% y-o-y in 2023, with real GDP growing at a 3.1% clip, according to preliminary data from the Statistics Centre of Abu Dhabi. The emirate's gross domestic product reached AED 1.14 tn in 2023 — its highest value in a decade, according to the Abu Dhabi Media Office. On a quarterly basis, Abu Dhabi’s economy grew 4.1% y-o-y in 4Q 2023, buoyed by 10.4% growth in the non-oil economy.

The stars of the show: The construction, finance, ins., transportation, and storage activities, collectively accounted for over 53% of overall GDP.

Construction and manufacturing took the lead: Manufacturing accounted for 8.8% of the emirate’s GDP, equivalent to AED 101 bn, making it the largest non-oil contributor to the economy. Construction activities hit AED 97 bn — the highest in a decade and registering 13.1% y-o-y growth — contributing 8.5% of GDP.

Finance, ins., wholesale, and retail trade: The financial and ins. sectors grew 25.5% y-o-y to AED 79 bn, contributing more than 6.9% to total GDP. Wholesale and retail trade activities grew 7.9% y-o-y, contributing over 5.5% to the emirate's GDP, with a value of c. AED 63 bn.

Several other sectors also turned in growth: Transportation and storage grew 17.1% y-o-y, while the health and education sectors expanded by 5.5% y-o-y. CIT and real estate each registered 5.8% y-o-y growth.

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