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Abu Dhabi GDP for 2013 estimated at Dh953.2b

Abu Dhabi: Preliminary estimates for 2013 show that Abu Dhabi’s Gross Domestic Product (GDP) is expected to reach Dh953.2 billion, with a growth rate of 4.8 per cent, according to data released on Monday by the Statistics Centre Abu Dhabi (SCAD).

SCAD’s data showed that GDP at current prices amounted to Dh909 billion in 2012 compared to Dh846.7 billion in 2011.

Abu Dhabi’s GDP would hence register a five-fold increase since the beginning of last decade, as it would have moved up from Dh185.7 billion in 2001 to an estimated Dh953.2 billion in 2013.

In a press conference held by SCAD, Director of Economic Statistics Department, Nasser Dayan, said that all economic activities and sector experienced growth during 2012.

Statistical surveys showed that non-oil GDP in 2013 at current prices is estimated to reach Dh429.3 billion with a 10 per cent growth rate. In 2012, non-oil GDP amounted to Dh390.9 billion — an increase from the 2011 figure of Dh361.9 billion.

The development in non-oil sectors is in line with the Abu Dhabi 2030 Vision, which aims to diversify the economic base, and reduce dependence on oil.

Data also showed that the contribution of extractive industries’ activity (crude oil and natural gas) to GDP in 2013 is estimated to stand at 55 per cent. The figure marks a drop from the 57 per cent in 2012, and the 57.3 per cent in 2011.

Additionally, SCAD estimated compensation of employees to reach Dh182.4 billion in 2013 with a growth rate of 9.5 per cent. Compensation represent information about workers’ share of GDP, and in 2012, compensation grew by 10.8 per cent to reach Dh166.7 billion.

The figure constituted 18.3 per cent of total GDP at current prices, and is an increase compared to the Dh150.4 billion in 2011.

As for gross fixed capital formation at current prices, it is estimated to reach Dh193.9 billion in 2013, with a growth rate of 14.2 per cent, and amounted to Dh169.8 billion in 2012.

Looking into the contribution of each sector to the GDP in 2012, agriculture, forestry, and fishing activity accounted for 0.6 per cent of GDP, and the figure is expected to remain unchanged in 2013. Manufacturing activity contributed to GDP by 5.3 per cent — a figure that is expected to rise to 5.7 per cent in 2013.

Construction and building activity accounted for 9.1 per cent of GDP.

In total, non-oil activities are estimated to contribute to 45 per cent of GDP in 2013, an increase from the 43 per cent in 2012.

SCAD estimated the activity growth in 2013 for hotels and restaurants to be 11.6 per cent, and the information and communications activity to grow by 15.3 per cent after a slow down that put the negative figure to -3.11 per cent.

Shamma Al Rumaithi, director of National Accounts at SCAD, said the latest data shows a positive outlook for Abu Dhabi, and proves that companies across the emirate are going parallel to the Abu Dhabi 2030 Vision.