Abu Dhabi GDP seen up 3.8% in 2011

Investments rise by Dh14 bn to record high through the year

Abu Dhabi’s real GDP is expected to have swelled by around 3.8 per cent in 2011 and growth was in both the hydrocarbon and non-oil sector, according to data by the Abu Dhabi Chamber of Commerce and Industry.

In its annual report, the chamber put total fixed capital formation (public and private investment) in the emirate at a record high of Dh112bn in 2011, up by nearly Dh14bn from Dh98bn in 2010.

From around Dh546.7bn in 2010, real GDP grew by 3.8 per cent to Dh567.3bn in 2010, the report showed.

In current prices, GDP expanded by as high as eight per cent from Dh546.7bn to nearly Dh590.2bn in the same period.

A GDP breakdown showed the oil sector is projected to have grown by around 2.6 per cent in real terms while the other sectors risen by nearly 4.8 per cent from Dh256bn in 2010 to Dh258.6bn in 2011.

In current prices, the oil sector soared by 7.3 per cent while the non-hydrocarbon GDP soared by around 8.5 per cent.

The report showed public and private investment hit an all time high of around Dh112bn in 2011 and there was an increase in all sectors.

Private investment swelled from Dh47.4 billion to Dh53.9 billion and public investment from Dh21.2 billon to Dh25.1 billion. Investment in the oil sector increased from Dh29.4bn to Dh33.7bn.

The emirate’s exports, mostly oil and gas, grew by around 9/4 per cent to Dh346.1bn in 2011 from Dh316.1bn in 2010 while imports rise by about eight per cent to Dh108.6bn from Dh100.5bn.

The report put inflation in the emirate at 3.2 per cent in 2011 and showed GDP per capita edged up by 1.5 per cent to Dh201,200 in 2011, one of the highest rates in the world.