Abu Dhabi Non-Oil Economic Growth Hits 9.1% in 2023
Abu Dhabi's non-oil economy experienced significant growth in 2023, with a 9.1% increase in the non-oil gross domestic product (GDP) and a 3.1% rise in the real GDP compared to the previous year. The total GDP for the emirate reached a decade-high of Dh1.14 trillion, a testament to its robust performance despite global economic challenges. This economic expansion was propelled by notable advances in construction, finance and insurance, and transportation and storage sectors, which collectively contributed over half of the total GDP.
The financial and insurance industries stood out with the highest growth rate of 25.5%, underscoring the growing international confidence in Abu Dhabi's economy. These sectors alone contributed more than 6.9% to the GDP. The construction sector also showed strong performance, with its added value reaching over Dh97 billion, representing 8.5% of the overall GDP. Furthermore, the transportation and storage activity witnessed a 17.1% growth, emphasizing the dynamism of these sectors.
The positive economic indicators reflect the success of Abu Dhabi's strategic policies aimed at diversification, innovation, and entrepreneurship. The emirate's approach has been pivotal in fostering industrial, financial, and tourism sector development, encouraging foreign investment, and bolstering the private sector, which in turn has created new job opportunities. Abu Dhabi's Tourism Strategy 2030, aiming to elevate its global standing in tourism, further underscores the emirate's commitment to sustainable growth, targeting an increase in visitor numbers to 39.3 million by 2030 and creating 178,000 new jobs in the sector.
