- Q1 2019 GDP at constant prices grows to AED 207 billion
- Oil GDP during the quarter also increased at both current and constant prices
Abu Dhabi’s gross domestic product (GDP) at constant prices increased 5.7% year-on-year in Q1 2019 to AED 207 billion, according to data from the Statistics Center Abu Dhabi (SCAD). The expansion was largely driven by diversification efforts undertaken by the Abu Dhabi government.
Abdulla Ahmed Al Suwaidi, Acting Director-General of SCAD, said that the diversification policy adopted by the Abu Dhabi government has contributed to creating new tributaries for the national economy, which is now among the most highly developed economies in terms of readiness for production and development worldwide.
Efforts taken by the government include an AED 50 billion economic stimulus package extending to areas including business and investment, society, knowledge and innovation, and initiatives such as exemption from licence fees for two years.
Abu Dhabi’s oil GDP also grew in Q1 2019 on a year-on-year basis at both, current and constant prices. The capital has the biggest hydrocarbon reserves among the seven emirates of the UAE.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.