{"id":96383,"date":"2024-10-02T00:00:00","date_gmt":"2024-10-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/abu-dhabis-gdp-grew-4-1-in-2q-2024-driven-by-non-oil-growth\/"},"modified":"2024-10-02T00:00:00","modified_gmt":"2024-10-02T00:00:00","slug":"abu-dhabis-gdp-grew-4-1-in-2q-2024-driven-by-non-oil-growth","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/02\/abu-dhabis-gdp-grew-4-1-in-2q-2024-driven-by-non-oil-growth\/","title":{"rendered":"Abu Dhabi's GDP grew 4.1% in 2Q 2024, driven by non-oil growth"},"content":{"rendered":"

Abu Dhabi's economy grew 4.1% in 2Q 2024, with the non-oil econo<\/strong>my growing by <\/strong>6.6% on a quarterly basis<\/strong>, according to preliminary data<\/a> from the Statistics Centre of Abu Dhabi. The emirate\u2019s GDP stood at a new record of AED 297 bn during the quarter, with non-oil GDP reaching AED 164.2 bn.<\/p>\n

Non-oil sectors took center stage: <\/strong>The non-oil sector collectively contributed to 55.2% of the emirate's overall economy, breaking 1Q\u2019s record<\/a> 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.<\/p>\n

Construction strikes twice: <\/strong>Construction accounted for 9.3% of the emirate's GDP as activities increased 11.5% y-o-y \u2014 its highest contribution since 2015. The sector reeled in some AED 27.5 bn during the quarter. <\/p>\n

Other sectors:<\/strong> 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%.<\/p>\n

Background: <\/strong>Nationwide, the economy grew 3.4% y-o-y to AED 430 bn in 1Q 2024,<\/a> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

The construction sector was the primary driver of growth in the non-oil GDP<\/p>\n","protected":false},"author":1,"featured_media":96384,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1556],"tags":[1360,19,7,20],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-abu-dhabi","tag-economy","tag-enterpriseam-uae","tag-gdp","wpautop","entry"],"acf":{"mongo_id":"bae8576d-29b7-4a95-8248-045b033c4cea","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1071.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Abu Dhabi's GDP grew 4.1% in 2Q 2024, driven by non-oil growth","related_issue":[96378],"teaser":"The construction sector was the primary driver of growth in the non-oil GDP","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.fb2ab54e-653a-47b2-ab60-6cc00f8847b4.mp3"},"yoast_head":"\nAbu Dhabi's GDP grew 4.1% in 2Q 2024, driven by non-oil growth - 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