The GDP of the Emirate of Abu Dhabi at current prices grew 14.4% year-on-year during the fiscal year 2018, recording AED 931 billion ($253.47 billion), according to a report released by Statistics Centre – Abu Dhabi (SCAD) on Tuesday.
The increase in the emirate’s GDP stemmed from a 35.7% year-on-year rise in the activity of mining and quarrying last year – including crude oil and natural gas, reaching AED 375.9 billion.
“This increase in value-added resulted from higher oil prices. As a result, its contribution to the total GDP increased from 34.1% in 2017 to 40.4% in 2018,” SCAD said.
Abu Dhabi’s non-oil activities at current prices went up 3.5% in 2018, while their contribution to the emirate’s GDP declined to 59.6% in 2018, compared to 65.9% a year earlier, as a result of the solid growth in oil activities.
“GDP at constant 2007 prices increased by 1.9% in 2018 following a decrease of 0.9% in 2017. Manufacturing activities grew at 5.9% in 2018 compared with 5.4% in 2017. While non-oil activities increased 0.6% in 2018 compared with 0.9% in 2017,” SCAD’s data showed.
Meanwhile, gross fixed capital formation rose 6.8% to AED 157.3 billion in 2018 versus AED 147.3 billion in the year-ago period.