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Non-oil input to Abu Dhabi GDP growing
ABU DHABI - Abu Dhabi’s oil-dependent economy is diversifying fast as the share of its non-oil sector has grown for the second year in a row.
In 2010, oil contribution to gross domestic product, or GDP, was 49.7 per cent as the emirate is on the right track towards achieving sustainable development, said Nasser Ahmed Al Suwaidi, chairman of the Abu Dhabi Department of Economic Development.
He said Abu Dhabi has come a long way in diversifying the economic base in a manner consistent with the goals of “Vision 2030”.
In his introduction to the annual Economic Report of the Emirate of Abu Dhabi 2011, which was prepared by the Studies Directorate of the department, Al Suwaidi noted that the commitment of the Abu Dhabi government to continue spending on infrastructure and other development projects has led to the revival of the domestic economy.
Al Suwaidi said that although government spending is still considered as the main engine of economic growth in Abu Dhabi, the emirate looks forward to strengthen its partnership with the private sector, to increase the role and contribution of the sector in achieving the strategic objectives of the emirate, through the adoption of sound action plans and economic strategies, to bring about promising opportunities in all areas.
Based on this perspective, Al Suwaidi confirmed the determination of the Department to promote transparency, through provision of aiding tools, to spur development efforts in various areas, especially in these critical circumstances facing the global economy, where all countries seek to rebuild the confidence weakened by the global crunch.
Mohamed Omar Abdullah, undersecretary of the Department of Economic Development, said that Abu Dhabi GDP at current prices underwent remarkable growth of 15.9 per cent in 2010 to Dh620 billion, against Dh535 billion in 2009, which confirms that the domestic economy has surpassed the percussions of the global crisis that haunted the global economy since 2008.
Abdullah confirmed that all non-oil economic activities achieved positive growth during 2010 — especially manufacturing activity, which grew by 10.8 per cent — after witnessing a decline of 22 per cent in 2009.
Abdullah further said the economic report reflects a clear picture of the emirate’s economy.
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