The Abu Dhabi Gross Domestic Product (GDP) increased, as per the current prices, by 6.00 percent during the 1st quarter of 2016, compared to the same period in 2015 on the back of an 8 percent rise in the added value of oil businesses and a 5.1 percent increase in non-oil businesses.
This came in a report released by the Abu Dhabi Statistics Centre, ADSC, on the latest economic developments in the Emirate of Abu Dhabi during the 4th quarter of 2016. The report revealed a significant growth in oil and non-oil business activities.
GDP is one of the key economic indictors that helps formulate the economic policies of the emirate, said Butti Ahmed Mohamed bin Butti Al Qubaisi, Director-General of ADSC, who added that the GDP streamlines decision-making and benchmarking in a way conducive to ensuring social and economic welfare.
The deliverables of the last quarter of 2016 reflects in no uncertain way the powerful economic position boasted by the Emirate by virtue of its ambitious economic diversification programme, which has proved a necessity as a result of the sharp fluctuations in global oil prices, he added.
Non-oil businesses account for 69.5 percent of Abu Dhabi GDP as per the current prices during the last quarter of 2016, while oil businesses represent 30.5 percent merely, Al Qubaisi said.
Oil is no longer the only economic engine in Abu Dhabi, and while acknowledging the central importance of oil to Abu Dhabi economy, the government of the emirate is adopting an ambitious strategy to diversify its economic base and income streams, Al Qubaisi added.
“The considerable development undertaken at the non-oil sectors reflects the tireless efforts made by the Emirate of Abu Dhabi to establish the pillars of a sustainable, knowledge-based economy, which has gone a long way in a very short span of time in making great strides thanks to a wise leadership who learns from the lessons of the past and ensures best utilisation of available resources,” he said.
Khalifa Bin Salem Al Mansouri, Acting Under-Secretary of the Department of Economic Development in Abu Dhabi, said the emirate over the past years channeled massive investments to divergent economic platforms in order to diversify income streams and create a robust production base.
The plans and strategies adopted by the emirate develop an investment-friendly environment for local and foreign businesses that ultimately ensures an economic competitive edge for the emirate.
Source: Emirates News Agency