Abu Dhabi GDP shows significant annual economic growth in 2024

The Statistics Centre - Abu Dhabi (SCAD) has released preliminary statistical estimates for Abu Dhabi’s Gross Domestic Product (GDP) for 2024, showing significant annual economic growth driven by the thriving non-oil sector.

The 2024 GDP data highlights Abu Dhabi’s sustained economic momentum, with total GDP and non-oil GDP reaching record values for the third consecutive year.

The emirate’s real GDP expanded by 3.8 per cent in 2024 compared to 2023, reaching an all-time high value of Dhs1.2 trillion, driven by the non-oil economy which recorded a strong growth rate of 6.2 per cent, marking its highest-ever annual contribution of 54.7 per cent to total GDP. This underscores Abu Dhabi’s continued success in implementing economic diversification strategies and fostering sustainable, long-term growth.

The non-oil sector remained the primary driver of economic momentum, with total non-oil GDP added value reachingDhs644.3 billion, setting a record for the third consecutive year.

Key sectors including manufacturing, construction, finance and insurance, information and communication, wholesale and retail trade, education, and health, achieved their highest-ever values, reflecting the emirate’s commitment to industrial development, infrastructure investment, and human capital enhancement.

Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said, “The consistent, remarkable performance of the Falcon Economy in the past years is a testament to Abu Dhabi’s forward-thinking economic strategies, progressive policies, and proactive responses to an evolving global landscape.” He added that with a record-breakingDhs1.2 trillion GDP and a 6.2 per cent growth of non-oil sectors- accounting for 54.7 per cent of total GDP in 2024, this steady growth further enhances Abu Dhabi’s status as a rising economic powerhouse and a premier destination for global talent, high-value investments, and world-class enterprises.

“Guided by our visionary leadership, we are future proofing Abu Dhabi’s economy through pioneering initiatives that drive industrial transformation, stimulate sustainable growth, and reshape tomorrow’s economy. The Economic Diversification 2.0 strategies are accelerating the transition towards a smart, diversified, and sustainable economy. We remain committed to unlocking new opportunities, empowering human capital, and forging strategic partnerships that will shape the economy of the future,” Al Zaabi stated.

Abdulla Gharib Alqemzi, Director-General of SCAD, said, “The annual GDP statistical estimates confirm Abu Dhabi’s steady progress in economic transformation, with non-oil activities reaching a record 54.7 per cent contribution to GDP. This milestone reflects the emirate’s commitment to fostering an investment-friendly environment, empowering entrepreneurs, and enhancing business opportunities across various high-growth sectors.” The strong performance of Abu Dhabi’s economy in 2024 underscores the success of economic policies that facilitate business expansion and global trade, which resulted in around a 300 per cent increase in foreign investments in Abu Dhabi over a decade.

The manufacturing sector remained one of the largest non-oil contributors to GDP, maintaining a stable 9.5 per cent share, with its added value reachingDhs111.6 billion-the highest on record. This sector achieved an annual growth rate of 2.7 per cent in 2024 compared to 2023, reflecting the success of the Abu Dhabi Industrial Strategy’s (ADIS) programmes in driving industrial growth to strengthen the emirate’s position as the region’s most competitive industrial hub.

The construction sector followed closely, contributing 9.1 per cent to total GDP, with an impressive growth rate of 11.3 per cent and a record high ofDhs107.4 billion.

The financial and insurance sector also experienced significant expansion, growing 10.7 per cent year-on-year to reachDhs77.8 billion, contributing 6.6 per cent to the total GDP in 2024, further cementing Abu Dhabi’s position as a leading financial hub.

The information and communication sector grew by 6.6 per cent year-on-year, achieving a record value ofDhs32.2 billion and contributing 2.2 per cent to Abu Dhabi’s total GDP in 2024.

The wholesale and retail trade sector also saw its highest-ever value atDhs62.7 billion, contributing 5.3 per cent to the emirate’s GDP, reinforcing its vital role with a growth rate of 2.2 per cent in 2024.

The transportation and storage sector achieved the highest growth rate among all industries in 2024 at 16.9 per cent, driven by infrastructure investments, logistics advancements, and increased trade activity. The sector’s contribution to Abu Dhabi’s economy stands at 2.4 per cent with a total value ofDhs27.8 billion.

The real estate sector grew by 4.2 per cent in 2024, reflecting steady demand and investment in property development. Its contribution to the total GDP reached 3.5 per cent in 2024 with a total value exceedingDhs41.7 billion.

Key service sectors also experienced notable expansion, with education and health reaching their highest-ever values atDhs20.4 billion andDhs17 billion, respectively, through growth rates of 2.5 per cent and 4.1 per cent in 2024, underlining Abu Dhabi’s commitment to human capital development and social wellbeing.

WAM