Abu Dhabi's GDP expands 11.2% in first half of 2022

Abu Dhabi’s economy, which made a strong rebound last year from the coronavirus-induced slowdown, has gained further momentum this year.

The manufacturing sector, which accounted for 8.1 per cent of Abu Dhabi's GDP, grew more than 10 per cent on an annual basis during the first half. The construction and building sector contributed 7.7 per cent, followed by wholesale and retail sector activity, which accounted for 5.9 per cent of GDP.

Meanwhile, financial sector activities contributed 5.5 per cent to the emirate's economy in the first half of this year, growing 9.1 per cent on an annual basis during the period, according to SCAD data.

Abu Dhabi’s economy expanded by 11.2 per cent in the first six months of this year on an annual basis, driven by a robust performance of the oil and non-oil sectors, despite mounting global macroeconomic challenges.

The size of the emirate's real gross domestic product at constant prices surpassed Dh543 billion ($147.9 billion) at the end of the six-month period, the Abu Dhabi Media Office said on Thursday as it cited the latest government data released by the Statistics Centre – Abu Dhabi (SCAD).

The value of non-oil GDP grew by Dh28.4 billion to Dh273 billion at the end of the first half of 2022. In May, S&P forecast that Abu Dhabi's real GDP growth would accelerate to more than 5 per cent in 2022, with real GDP reaching 2019 levels in 2023. The UAE Central Bank expects the country’s economy to grow 5.4 per cent this year.

Abu Dhabi's economy expanded 11.7 per cent on an annual basis in the second quarter of this year, hitting the highest three-month value in six years.