Abu Dhabi's economy grew 4.1% in 2Q 2024, with the non-oil economy growing by 6.6% on a quarterly basis, according to preliminary data from the Statistics Centre of Abu Dhabi. The emirate’s GDP stood at a new record of AED 297 bn during the quarter, with non-oil GDP reaching AED 164.2 bn.

Non-oil sectors took center stage: The non-oil sector collectively contributed to 55.2% of the emirate's overall economy, breaking 1Q’s record of seeing the highest contribution since late 2014. This was driven by sectors including manufacturing, construction, and finance, which reached their highest quarterly values yet, contributing to a non-oil GDP of AED 164.2 bn, up from AED 154 bn in the same period last year.

Construction strikes twice: Construction accounted for 9.3% of the emirate's GDP as activities increased 11.5% y-o-y — its highest contribution since 2015. The sector reeled in some AED 27.5 bn during the quarter.

Other sectors: Manufacturing activities were valued at AED 26.8 bn, accounting for 9% of GDP, while the finance and ins. activities reported 13.4% increase y-o-y and were valued at AED 22 bn. The wholesale and retail trade sector grew by 3.3%, while transportation and storage increased by 15.2%, real estate activities rose by 5.5%, and the information and communication sector expanded by 4.4%.

Background: Nationwide, the economy grew 3.4% y-o-y to AED 430 bn in 1Q 2024, from 3.1% last year, with the biggest driver of growth also being the non oil sector, with financial and ins. services leading the way.

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