Abu Dhabi Sees Q4 GDP Jump

Abu Dhabi Sees Q4 GDP Jump

Emirate grows in turbulent market

Abu Dhabi’s gross domestic product (GDP) has increased by 12.9% in Q4 of 2018 when compared to Q4, 2017, according to the Statistics Center of Abu Dhabi (SCAD).

The GDP of 2018 grew by 14.5% to 931.2 billion dirhams (US$253.6 billion) from 813.6 billion in 2017, SCAD stated.

The increase in economic activity could be attributed to the value added by oil activity.

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Compared with the third quarter last year, the value added by oil activities increased by 3.2%, while non-oil activities recorded an increase of 1.2 percent in the fourth quarter last year.

Abu Dhabi is presently planning a wider move away from an oil based economy, as the UAE strives to become one of the world’s business, cultural and commerce hotspots.

Read more: Abu Dhabi Launches Huge Tech Fund

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