During the first quarter of 2024, Abu Dhabi’s gross domestic product grew by 3.3 percent per year, primarily due to the expansion of non-oil economic activities.
The Abu Dhabi Statistics Center states that the performance of non-oil economic activities is mostly to blame for this gain; in the first three months of this year, non-oil GDP climbed significantly by 4.7 percent.
Beyond Abu Dhabi, there is a strong trend of performance in non-oil sectors; in 2024, real GDP growth in Saudi Arabia is predicted to be 2.5 percent, mostly due to a strong 4.8 percent gain in non-oil private activities.
The World Bank’s Spring 2024 Gulf Economic Update projects that economic growth in the Gulf Cooperation Council region will also go up, reaching 2.8 percent in 2024 and 4.7 percent in 2025.
According to the SCAD research, the sectors leading the upward trend were those in transportation, construction, finance, lodging, and food, demonstrating the effectiveness of the government’s economic diversification initiatives.
According to the center’s estimations, non-oil activity made up 54.1% of Abu Dhabi’s total GDP during that time, the most percentage since 2015.
The non-oil sector of Abu Dhabi’s economy was valued at 154.7 billion dirhams ($42.1 billion) this quarter, while the economy as a whole, encompassing the non-oil and oil sectors, was valued at 286 billion dirhams.
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