Abu Dhabi's GDP Grows By 3.8% In 2024, Highlighting Non-Oil Sector Success

Abu Dhabi's economy demonstrated robust growth in 2024, driven by the non-oil sector. The Statistics Centre - Abu Dhabi (SCAD) reported that the emirate's GDP reached AED1.2 trillion, a 3.8% increase from 2023. The non-oil sector grew by 6.2%, contributing 54.7% to the total GDP, highlighting successful economic diversification efforts.

The non-oil sector was pivotal in this economic expansion, with its added value reaching AED644.3 billion. This marks a record for the third consecutive year, underscoring Abu Dhabi's commitment to industrial development and infrastructure investment. Key sectors such as manufacturing, construction, finance, and insurance achieved their highest-ever values.

Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), remarked on this achievement: "The consistent, remarkable performance of the Falcon Economy in the past years is a testament to Abu Dhabi's forward-thinking economic strategies, progressive policies, and proactive responses to an evolving global landscape."

The manufacturing sector maintained a stable 9.5% share of GDP with an added value of AED111.6 billion, growing by 2.7% from 2023. The construction sector followed closely with a contribution of 9.1% to GDP and a growth rate of 11.3%, reaching AED107.4 billion.

The financial and insurance sector expanded significantly by 10.7% year-on-year to AED77.8 billion, contributing 6.6% to total GDP in 2024. This reinforces Abu Dhabi's status as a leading financial hub in the region.

Infrastructure and Trade Boost

The transportation and storage sector experienced the highest growth rate among all industries at 16.9%. This was driven by infrastructure investments and increased trade activity, contributing AED27.8 billion or 2.4% to Abu Dhabi's economy.

The wholesale and retail trade sector also reached its peak value at AED62.7 billion, contributing 5.3% to GDP with a growth rate of 2.2%. This highlights its vital role in supporting economic momentum.

Real Estate and Service Sectors

The real estate sector grew by 4.2%, reflecting steady demand for property development with a contribution of 3.5% to total GDP at over AED41.7 billion in value.

Education and health services expanded notably, achieving their highest-ever values at AED20.4 billion and AED17 billion respectively through growth rates of 2.5% and 4.1%. This underscores Abu Dhabi's focus on human capital development.

Visionary Leadership

A statement from Abdulla Gharib Alqemzi, Director-General of SCAD highlighted: "The annual GDP statistical estimates confirm Abu Dhabi's steady progress in economic transformation... empowering entrepreneurs and enhancing business opportunities across various high-growth sectors."

In Q4 of 2024 alone, Abu Dhabi's GDP rose by 4.4%, while non-oil GDP increased by 6.6%, maintaining its record-high contribution to total GDP at 54.7%. These figures reflect strategic initiatives aimed at fostering sustainable growth and reshaping tomorrow’s economy under visionary leadership.

With inputs from WAM