Abu Dhabi's GDP increases 6.6 percent during Q2

Driven by increased buoyancy in non-oil sector, Abu Dhabi's gross domestic product, GDP, surged by 6.7 percent in Q2 2017, against the corresponding period last year, according to a Statistics Centre - Abu Dhabi, SCAD, report.

The non-oil sector contributed 70.2 percent to the emirate’s GDP during Q2, while the oil-sector accounted for 29.8 percent only, said the report.

During the monitored period, the relative contribution of non-oil activities to Abu Dhabi's GDP increased by 3.6 percent, with the added value of oil operations rising by 14.7 percent, added the report.

The report provides significant evaluation of the economic conditions in Abu Dhabi during the second half of 2017, including the remarkable growth posted across oil and non-oil sectors, attributing the 14.7 increase in the value of oil sectors to the noticeable rise in global oil prices since the second quarter of 2016 through the corresponding period in 2017.

The report also attributed the GDP surge to a 8 percent hike in the added value of non-financial projects.

"GDP is a key determiner of economic growth in the country that helps decision-makers take the right decisions and benchmarking with the objective of ensuring the emirate’s social welfare," said Rashed Lahej Al Mansoori, SCAD Board Chairman.

"The Q2 results translate the resilience now boasted by the emirate and provide the investment-conducive environment sought by local and foreign businesses," he added.

"Oil is no longer the only enabler for economic growth despite its significance to the emirate’s economy," he added, noting that the emirate is now establishing an ambitious strategy for diversifying the economy and its income streams to wean it off oil and its fluctuations.