Abu Dhabi recorded 5.2 per cent growth in economy in 2013, as non-oil economy grew much stronger.
Earlier, the official estimates for economic growth was higher than what the statistic Centre of Abu Dhabi has finally confirmed on Tuesday. There was optimism in the capital that economy may grow by 7.4 per cent.
However, the economic growth in fixed prices grew to Dh672.7 billion in 2013 over Dh641.8 billion in 2012.
The SCAD said on Tuesday, a much slower rate is still higher than 4.8 percent achieved in 2012. The contribution of the hydrocarbon sector to Abu Dhabi's GDP slid to 51.4 per cent in 2013 from 52.4 percent in the previous year, SCAD said.
The lower contribution of oil and gas sector to the economy is a sign of encouragement as leaders and policy-makers in Abu Dhabi have drawn ambitious plans to achieve economic diversification, away from oil dominated economy, by venturing into knowledge-based economy, under Abu Dhabi Economic Vision 2030.
The statistical agency has also confirmed that the added value for the oil and gas industry for 2012 was Dh352 billion in 2013 over Dh252 billion in 2012.
According to the Centre's estimates regarding petroleum GDP for 2013 was Dh363 billion and growing at 3.21 per cent.
The growth rate of the non-petroleum activities was 5.9 per cent in 2012 compared with 7.4 per cent, which is Dh343.7 billion, according to the initial data of 2013.
The Centre stated that the contribution of crude oil and natural gas to the GDP of 2012 was 52.4 per cent compared with 52.9 per cent in 2011, whereas the initial data of 2013 revealed 51.4 per cent.
The Centre indicated that there is an increase in the total contribution of the non-petroleum activities 48.6 per cent according to the estimations of 2013 over 47.6 per cent in 2012.
The details provided by Abu Dhabi Statistics Centre revealed that the construction and building sector has emerged as the second biggest industry in Abu Dhabi whose contribution to the GDP was 12.1 per cent in 2013.
However, the contribution of the financial sector grew to 5.9 per cent in 2013 compared with 4.9 per cent in 2012, showing Abu Dhabi's financial prowess.
The estimates for 2013 revealed that the contribution of the real-estate sector to the GDP was 5.1 per cent compared with 4.7 per cent in 2012, showing growth in the sector which has witnessed local as well as foreign investment into the sector which saw a slower growth after economic crisis of 2008.
The information and telecommunications sector has jumped from -2.1 per cent in 2012 to 13.2 per cent in 2013, showing a tremendous growth.
Source: Khaleej Times