Abu Dhabi GDP growth significant

ABU DHABI - The Gross Domestic Product (GDP) of Abu Dhabi rose significantly last year to Dh150 billion against Dh110 billion in 1997, according to a report released here yesterday.

By (WAM)

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Published: Sat 3 May 2003, 1:07 PM

Last updated: Wed 1 Apr 2015, 9:10 PM

The report, prepared by the Department of Planning , said the GDP recorded an annual growth rate of 6.4 per cent against 7.1 without oil and gas , which shows a tremendous performance in the non-oil sector. The report also said that despite the strong showing of the non-oil sector due to several local, regional and international factors that prevailed from 1997 to 2002, economic indicators reveal that the oil and gas continued to dominate as the major revenue source in the emirate.

The years 1998 and 2001 witnessed a fall in the GDP due to decline in oil demand. Population estimates in the emirate recorded a growth of 4. 7 per cent annually during the period from 1997 to 2002, reaching 1.2 million last year against 1. 1 million in 2001 and just 965,000 in 1970. The report pointed out that fixed assets were visible in the form of huge infrastructure projects that had been completed in the emirate, under the leadership of the President, His Highness Shaikh Zayed bin Sultan Al Nahyan. because many service, educational, social and health services have been implemented, there was a slight growth in the investments of this sector which stood at 0.8 per cent during the same period. Increase in commodity exports and imports led to a corresponding rise in the trade balance surplus, which rose to Dh60 billion from Dh44 billion in 1997. The report said that commodity sector's GDP rose to Dh101 billion from around Dh76 million in 1997, recording a growth of 5.9 per cent annually. Agriculture sector recorded the highest GDP, standing at 10.9 per cent annually, followed by small scale industries which recorded a 9.9 per cent annual growth. As for services sector, the report said it posted a growth of 7.4 per cent, reaching Dh49 billion in 2002 against 34 billion in 1997.

The report attributed this rise to the good performance of government services sector in addition to the hotels, restaurants, transport and insurance sectors.

The report also noted that the economic diversification policies adopted by the emirate have paved the way for non-oil sector to perform well and attract more investments . these policies also led to positive partnership between the public and sectors, the report concluded.

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