Abu Dhabi’s economy grew at a 3.3% y-o-y clip in 1Q 2024, with the non-oil economy growing 4.7% y-o-y, according to preliminary data from the Statistics Centre of Abu Dhabi. The emirate’s GDP stood at AED 286 bn during the quarter, with non-oil GDP reaching AED 154.7 bn.

Non-oil activities were the stars of the show: Non-oil activities collectively accounted for over 54.1% of overall GDP — the highest contribution since 2015 — driven by improved performance in transportation, construction, financial activities, and accommodation and food activities.

REMEMBER- Abu Dhabi’s non-oil economy grew 9.1% y-o-y last year, with real GDP growing 3.1%.

Construction took the lead: Construction accounted for 8.8% of the emirate’s GDP — the highest in five years and equivalent to over AED 25 bn. Construction activities grew 9.5% y-o-y.

Manufacturing, finance and ins.: Manufacturing activities were valued at AED 24.8 bn, contributing 8.7% of GDP, while financial and ins. activities grew 9.7% y-o-y, contributing 7% to the emirate’s GDP.

Several other sectors also turned in growth: Transportation and storage grew 14.4% y-o-y, while the telecommunications sector expanded by 5.9% y-o-y. Accommodation and food registered 6.2% y-o-y growth.

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