Abu Dhabi GDP to top Dh1.5trn

Abu Dhabi’s real GDP could rocket above Dh1.5 trillion in 2030 while the non-oil sector will leap to nearly Dh976 billion to maintain its share of more than half the overall economy, according to government data.

The GDP in 2030 will be more than five times its level of Dh285bn in 2005 and nearly triple the 2010 GDP of Dh517bn, showed the figures by the Abu Dhabi Department of Economic Development (DED).

A study presented to an economic seminar in Abu Dhabi last week forecast steady GDP growth in the emirate until 2030 as the government is pushing ahead with an ambitious long-term development strategy dubbed Vision 30.

Vision 30 focuses mainly on attracting foreign capital into the industrial sector and other export-oriented sectors, expanding the private sector’s role in the domestic economy, and easing reliance on volatile oil sales.

The study, presented by Adeeb Alafifi Director, Foreign Trade and Export Support at DED, showed Abu Dhabi’s GDP would swell from around Dh285.53 billion in 2005 to about Dh1.525bn in 2030.

Non-oil real GDP will surge from only around Dh117bn to Dh976.4bn while the non-oil sector is projected to leap from about Dh3.17bn to Dh152.8bn in the same period, the report showed.

The study gave no growth figures for 2011 but earlier projections by the DED showed real GDP would expand by around seven per cent.From around Dh517.8bn in 2010, the emirate’s real GDP is expected to rise to Dh554bn in 2011, Mohammed Omar Abdullah, DED undersecretary told a recent economic conference in the Capital.

He said real GDP had swelled by 7.6 per cent from about Dh481bn in 2009 following an improvement in oil prices last year.

“These rates are in line with the targeted growth of 6-7 per cent in the emirate’s current five-year plan for 2008-2012,” he said.’Abdullah’s forecasts showed the non-hydrocarbon sector would grow by around 10.6 per cent in 2011 to Dh268bn from Dh242.4bn in 2010 to account for nearly 48 per cent of the overall GDP. He said targeted growth in the non-oil sector during the current plan is 8-10 per cent.

“The main sectors targeted in our plan include financials services, industry, transport, petrochemicals, tourism, information technology, telecommunication, renewable energy, aviation and oil-gas services,” he said.
 

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