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28 March 2024

Abu Dhabi 2013 GDP grows 4.8% to Dh953.2bn: SCAD

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By Wam

Abu Dhabi GDP is estimated to have grown 4.8 per cent to Dh953.24 billion in 2013 at current prices, the Statistics Center of Abu Dhabi (SCAD) announced on Monday during a press conference.

The Conference was attended by Nasser Dayan, Director of Economic Statistics Department, Dr. Mohammed Al Dhaheri, Director of Field Surveys, Shamma Al Rumaithi, Director of National Accounts, and Osama Al Zugbi, Assistant Director of Economic Statistics Department.

Dayan said important results and estimates reached by SCAD on economic developments in Abu Dhabi last year indicated that all economic activities and sectors, oil and non-oil, experienced growth.

Dayan noted that the completion of these assessments before the end of the first quarter of 2014 was a great achievement for SCAD, compared to other statistical agencies and centers around the world; as such estimates are usually released during the second half of the year.

Five-fold increase

According to SCAD's data on national accounts statistics, GDP at current prices amounted to Dh909 billion in 2012 compared to Dh846.684 billion in 2011.

Abu Dhabi GDP has grown five-fold since the beginning of the last decade from Dh185.7 billion 2001 to Dh953.24 billion last year.

SCAD emphasised that the value added of extractive industries activity at current prices reached Dh518.861 billion in 2012 compared to Dh484.737 billion in 2011. The Center estimated the added value of extractive industries activity reached Dh523.899 billion in 2013, with a growth rate of 1 per cent.

Non-oil GDP 2012 at current prices amounted to Dh390.860 billion, while in 2011 it had reached Dh361.948 billion. Non-oil GDP at current prices for 2013 was estimated to have reached Dh429.34 billion, achieving 10 per cent growth rate.

The contribution of extractive industries activity (crude oil and natural gas) to GDP in 2012 at current prices amounted to 57 per cent compared to 57.3 per cent in 2011. However, SCAD estimated the contribution of extractive activity to GDP at current prices in 2013 to stand at 55 per cent; this drop in GDP dependence on extractive industries, confirms the success of the diversification policy of economic activities in non-oil GDP sectors.

As for compensations of employees at current prices, which represent important information about workers' share of GDP, and reflect the size of the income received by workers in all economic activities in the Emirate of Abu Dhabi, the results of SCAD economic surveys revealed that compensations grew by 10.8 per cent in 2012 to Dh166.68 billion compared to Dh150.427 billion in 2011. SCAD estimated compensations to reach Dh182.416 million in 2013 with a growth rate of 9.5 per cent. In 2012 workers' compensations constituted 18.3 per cent of total GDP at current prices.

SCAD revealed that gross fixed capital formation at current prices, in 2012 amounted to Dh169.771 billion, while estimates for 2013 anticipated gross fixed capital formation to reach Dh193.9 billion, with a growth rate of 14.2 per cent.

Contribution of economic activities to GDP SCAD announced during the press conference, the contribution of economic activities to GDP at current prices. The agriculture, forestry and fishing activity contribution to GDP in 2012 was 0.6  per cent, while estimates predicted the contribution of the activity to GDP to be same in 2013. Manufacturing activity in 2012 contributed to GDP by 5.3 per cent, while estimates for 2013 predicted its contribution to increase to 5.7 per cent.

Electricity, gas, water and waste management activities have contributed to GDP at current prices in 2012 by 2.4 per cent while estimates for 2013 expected the contribution to be around 2.5 per cent.

The construction and building activity contribution to GDP in 2012 was 9.1 per cent. Estimates for 2013 predicted the activity to contribute to GDP by 9 per cent.

The education sector's contribution to GDP at current prices stood at 1.2 per cent in 2012. Estimates predicted the same in 3013.

Health and social work activities contributed to GDP by 0.9 per cent in 2012, while estimates for 2013 expected contribution to reach 1 per cent.

SCAD said contribution of total non-oil activities to GDP at current prices in 2013 was estimated at 45 per cent, which is higher than their contribution of 43 per cent in 2012. These data confirm the strength and stability of the economy of the Emirate of Abu Dhabi, and also give Abu Dhabi a significant competitive advantage by enhancing its attractiveness to domestic and foreign investments.

Growth rates

During the press conference, SCAD revealed the growth rates of GDP at current prices by economic activity, the most important of which was the estimated growth rate of manufacturing industries for 2013, predicted at 7.8 per cent, which is a significant expected growth, compared to 0.5 per cent in 2012.

Accommodation and food services activities (hotels and restaurants) registered a growth rate of 2.22 per cent in 2012. SCAD estimated the activity growth in 2013 to be 11.62 per cent, and the information and communications activity to grow by 15.29 per cent in 2013, after a negative growth of (-3.11 per cent), in 2012, which is quite an achievement for this sector.