Abu Dhabi: The Statistics Centre Abu Dhabi (SCAD) has announced the statistical data on the expansion of Abu Dhabi’s Gross Domestic Product (GDP) in the first half of 2022, reaching 11.2 percent compared to the same period last year. The growth demonstrates the Emirate’s strong performance as well as the economy’s capacity to remain competitive and thrive despite global economic concerns.
According to estimates announced by SCAD, the quarterly GDP growth rate reached the highest value in six years during the second quarter of 2022, which rose 11.7 percent compared to the same quarter last year.
Economy’s positive growth rates in Abu Dhabi reflect the profound strength and success of the economic diversification policy, which contributed to the economy’s resilience and ability to address global changes posed by geopolitical and economic factors that directly affected strategic sectors such as energy and international trade.
Mr. Mohamed Ali Al Shorafa, Chairman of the ADDED, shared.
The Manufacturing Sector accounted for 8.1 percent of the GDP of the Emirate of Abu Dhabi at constant prices during the first half of 2022 while demonstrating a 10.2 percent growth rate, making it one of the top economic sectors.
Additionally, the Building and Construction Sector provided 7.7 percent of the real GDP and witnessed growth of 6.9 percent. The Wholesale and Retail Trade Sectors made a GDP contribution of 5.9 percent.
Mr. Ahmed Mahmoud Fikri, Director General of the Statistics Centre Abu Dhabi, stated that ” the statistical estimates reflect the ability of Abu Dhabi’s economy to sustain rapid growth and respond quickly to plans and efforts to diversify the economic base and stimulus packages. The strategic plans and stimulus packages have produced huge growth, as most economic activities continue to expand with full alignment of economic sectors at the emirate level.”
SCAD produces regular estimates of the GDP based on a number of statistical indexes and administrative data using international standards and scientific methodologies to assess the effectiveness of economic programs and strategies to help decision-makers meet the criteria for sustainability and economic growth.