Abu Dhabi’s non-oil economy expands 8.6 per cent in first 9 months of 2023
The emirate's economy reached its highest quarterly value at Dh290.5 billion in 2023
Abu Dhabi: In a substantial growth of real non-oil GDP of Abu Dhabi, the Statistics Centre - Abu Dhabi (SCAD) reported that the non-oil economy expanded by 7.7 per cent in the third quarter of 2023.
In the first nine months of 2023, the emirate recorded 8.6 per cent growth in the non-oil sector, led by manufacturing, construction, transport and storage sector, and financial and insurance activities.
Manufacturing activities reached a value of Dh26.3 billion, contributing over 17 per cent to the non-oil GDP and 9 per cent to the overall GDP in the third quarter of 2023. The value of construction activity reached Dh25 billion, contributing more than 16.3 per cent to the non-oil GDP and 8.6 per cent to the total economy during the third quarter of 2023.
Travel also boosted the non-oil revenue with a remarkable growth rate of 20 per cent in the third quarter of this year. The sector has seen major growth with the substantial expansion of the shipping container market and the increased volume of flights and passengers.
All of this has also boosted a 9.7 per cent increase in foreign investment, surpassing an impressive value of Dh831 billion.