The comparable growth rate for the emirate’s gross domestic product, or GDP, in 2007 was 8.8 per cent. The modest difference in performance between the two years underscores the resilience of Abu Dhabi’s energy-driven economy during the early stages of the financial crisis and regional slowdown. “The year saw major developments in social and economic sectors towards achieving the sustainable development, decreasing dependence on oil as a key driver of economy,” said Nasser Al Suwaidi, Chairman of the Department of Economic Development. The new data were contained in the Abu Dhabi Economic Report 2009, which Al Suwaidi’s department issued on Wednesday.

The report said that the non-oil component of the emirate’s GDP grew by 6.5 per cent last year, much faster than its 1.8 per cent increase in 2007.

However, the overall expansion of Abu Dhabi’s economy reflected last year’s soaring oil prices, which spiked to a record level of more than $147 in July and were about 37 per cent higher on average than in 2007.

The volume of Abu Dhabi’s oil production increased at the same time, rising by 100,000 barrels last year to 2.8 million barrels. Oil exports grew to 2.6 million barrels, about 500,000 barrels larger than in 2007, the report said.

The official data showed that oil is still the dominant sector in the emirate’s economy, accounting for 63.6 per cent of GDP, followed by the manufacturing industries sector, with 9.6 per cent.

Abu Dhabi’s export earnings jumped by 34.5 per cent to Dh254.1 billion, up from Dh188.9 billion last year. Imports rose in value by 24.8 per cent to Dh185.3 billion, for a trade surplus of Dh68.8 billion.

The emirate’s outlook for the year 2009 is ‘positive,’ the report said.