Abu Dhabi’s real GDP grows 3.1% in 2023 – EmiratesNBD Research
- Date: 03-Apr-2024
- Source: Mubasher
- Sector:Financial Markets
- Country:UAE
Abu Dhabi’s real GDP grows 3.1% in 2023 – EmiratesNBD Research
UAE – Mubasher: EmiratesNBD Research cited preliminary estimates by the Statistics Centre - Abu Dhabi indicating that the capital of the UAE registered a 3.1% growth in real GDP during 2023.
The non-oil sector, which expanded by 9.1% yet marginally down from 9.2% in 2022, was the main factor behind the 3.1% growth and was offset by a weaker performance from the oil sector.
Furthermore, oil production in the UAE was flat in 2023 when compared with 2022.
Abu Dhabi’s non-oil economy showed ongoing strong performance throughout 2023, with the fourth quarter (Q4) registering non-oil growth of 10.4% on an annual basis, which resulted in a headline GDP growth figure of 4.1%.
According to the latest seasonally adjusted Purchasing Managers' Index (PMI) data, non-oil companies in the UAE posted a sharp uplift in new order volumes in March 2024 and the rate of expansion picked up from February's six-month. This performance led to an upturn in backlogs of work on record, alongside that seen in June 2018.
In 2023, growth sectors included construction which soared by 13.1% in 2023, transportation and storage activity which accelerated by 17.1%, in addition to financial and insurance activities which expanded 25.5%.
The report showed that the Central Bank of the UAE