Abu Dhabi has continued its shift away from oil and has taken several measures to attract international investors, boost its competitiveness and improve the ease of conducting business.
Abu Dhabi’s economy grew 3.1 per cent annually in 2023, hitting its highest level in a decade, as a sharp expansion of the non-oil sector drove momentum amid a continuing push for diversification.
The emirate's gross domestic product for the 12 months to the end of December reached Dh1.14 trillion ($310.63 billion), its best performance in terms of value in 10 years despite challenges and global market fluctuations that affected all sectors, Abu Dhabi Media Office said on Monday.
The non-oil economy of Abu Dhabi expanded 9.1 per cent year-on-year for the 12-month period, driven by “significant strides in the construction, finance and insurance, and transportation and storage economic activities” that contributed more than 53 per cent to the total GDP, the media office said, citing Statistics Centre Abu Dhabi (Scad) data.
In the last quarter of the 2023, Abu Dhabi’s economy grew by 4.1 per cent compared to the same period in 2022. The emirate’s non-oil economy achieved 10.4 per cent growth on an annual basis for the same period.
The results reflect the success of Abu Dhabi's strategic policies to boost economic diversification, innovation and entrepreneurship, the media office said.
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