Abu Dhabi's GDP grows by 3.8 per cent in 2024, driven by non-oil sector
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Abu Dhabi's economy has shown strong growth in 2024, with the emirate's gross domestic product (GDP) expanding by 3.8 per cent year-on-year, according to preliminary data released by the Statistics Centre – Abu Dhabi (SCAD).
The growth, which reached an all-time high of Dhs1.2tn, is largely attributed to the continued expansion of the non-oil sector, which recorded a 6.2 per cent increase and now accounts for 54.7 per cent of the total GDP.
This marks the third consecutive year that both total GDP and
Non-oil economy drives growth in Abu Dhabi
The non-oil sector has remained the primary engine of economic growth, with its added value reaching Dhs644.3bn in 2024.
Key sectors such as manufacturing, construction, finance, insurance, and information and communication contributed significantly to this growth. Manufacturing alone contributed 9.5 per cent to the total GDP, achieving Dhs111.6bn in value, while the construction sector saw an 11.3 per cent growth rate, contributing Dhs107.4bn.
Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development (ADDED), credited the steady growth to the emirate's forward-thinking policies and proactive responses to global economic challenges. 'The consistent, remarkable performance of the Falcon Economy is a testament to Abu Dhabi's forward-thinking economic strategies, progressive policies, and proactive response.'
He added that with a record-breaking Dhs1.2tn GDP and 6.2 per cent growth in non-oil sectors, the growth reinforces Abu Dhabi's status as a rising 'economic powerhouse'.
Strategic economic policies yield results
The robust performance of the non-oil sector reflects the success of Abu Dhabi's Economic Diversification 2.0 strategies, which aim to transform the economy into a smart, diversified, and sustainable model.
The financial and insurance sector grew 10.7 per cent, contributing Dhs77.8bn to the economy, while the information and communication sector achieved a record value of Dhs32.2bn 6.6 per cent from the previous year.
Abdulla Gharib Alqemzi, director-general of SCAD, highlighted the success of these diversification strategies, noting that non-oil activities now contribute 54.7 per cent to GDP, a record high. 'This milestone reflects our commitment to fostering an investment-friendly environment and empowering high-growth sectors,' he said.
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— مكتب أبوظبي الإعلامي (@ADMediaOffice)
Key sectors show strong performance
Other sectors also showed notable growth. The wholesale and retail trade sector achieved Dhs62.7bn in value, contributing 5.3 per cent to GDP. Meanwhile, the transportation and storage sector saw the highest growth rate among all industries, expanding by 16.9 per cent, driven by significant infrastructure investments and increased trade activity.
The sector's contribution to GDP reached Dhs27.8bn.
The real estate sector grew by 4.2 per cent, contributing Dhs41.7bn to the economy, while education and health sectors achieved their highest-ever values, underlining Abu Dhabi's focus on human capital development. Education reached Dhs20.4bn, and health reached Dhs7bn in 2024.
Quarterly performance remains strong
In the fourth quarter of 2024, Abu Dhabi's GDP grew by 4.4 per cent, with the non-oil economy expanding by 6.6 per cent.
The non-oil sector's contribution remained steady at 54.7 per cent, continuing its record-high share of total GDP.
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