Successful Q2 for Abu Dhabi’s construction sector says authorities
19.1% growth is the biggest quarterly addition since 2014, exceeding $6.8bn
In Q2 2023, Abu Dhabi saw exceptional growth in the construction sector’s contribution to non-oil GDP. During this period, the growth rate reached 19.1% year-on-year, making the highest quarterly value-addition since 2014, at US $6.89bn. This was in no small part thanks to the sector’s projects being able to achieve high completion rates, according to statistical estimates published by the Abu Dhabi Statistics Centre.
Moreover, the construction sector’s overall contribution to Abu Dhabi’s GDP amounted to 8.8% during Q2 2023, the centre noted.
Abu Dhabi’s non-oil economy showed a substantial 12.3% growth in the second quarter of this year, helping the overall GDP to post a 3.5% increase compared to the same period in 2022.
The value of the emirate’s real non-oil GDP increased to $42bn, the highest since 2014 – and breaking a record set in the first quarter of current year, where it surpassed $40bn.
According to preliminary estimates, the value of Abu Dhabi’s real GDP in the second quarter of 2023 reached its highest level at $78.1bn, driven by the growth of all non-oil activities, and continuing the increase of its contribution to the GDP to 53.7%. This boosted the growth of the emirate’s non-oil GDP by 9.2% in the first half of 2023 compared to the same period last year.
