Abu Dhabi’s non-oil real GDP grew 4.1% in 2021
Abu Dhabi’s GDP at constant prices grew 1.9 per cent in 2021 compared with 2020, while its non-oil GDP at constant prices grew by 4.1 per cent.
These figures shared by the Statistics Centre-Abu Dhabi (SCAD) show growth rates across several non-oil activities including agriculture, forestry, and fishing which grew 23.1 per cent while the manufacturing expanded 21.7 per cent, health and social service by 19.7 per cent, arts, entertainment and recreation by 17.3 per cent, wholesale and retail trade by 15.3 per cent, accommodation and food service activities by 14.7 per cent, transportation and storage by 7 per cent, and electricity, gas, water supply and waste management activities by 6.9 per cent.
Mining and quarrying activity (which includes crude oil and natural gas) contributed approximately 50.3 per cent of Abu Dhabi’s real GDP in 2021, according to news agency WAM.
The non-oil activities contributed 49.7 per cent of the GDP at constant prices in 2021.
In response to the pandemic, the Abu Dhabi government launched an Economic Stimulus Package in March 2020. The package included 16 diverse initiatives under the Ghadan 21, Abu Dhabi’s economic accelerator programme.
.@ADStatistics estimates show a substantially improved economic climate in the emirate in 2021. #AbuDhabi’s non-oil real GDP rose 4.1%, reflecting the resilience of the economy and success of government initiatives to support the its full recovery. pic.twitter.com/4a2cbOZy9k
— مكتب أبوظبي الإعلامي (@admediaoffice) April 5, 2022
The stimulus package included a waiver of registration fees for commercial vehicles until the end of 2020, toll gates, real estate registration and authentication, in addition to the waiver or reduction of bid bonds, a 25 per cent reduction in industrial land rental fees and waiver of all commercial and industrial violation fines.
The package also provided benefits for citizens, SMEs and startup companies, including Dhs5bn subsidy for electricity and water, Dhs3bn credit facility to stimulate the financing of SMEs and to exempt startups from performance bonds. The lending programs included the establishment of a committee to review borrowing options to support local companies. Also, the benefits provided to the tourism sector included rent rebates of up to 20 per cent and the waiver of all tourist and municipal fees for the tourism and recreation sectors. The capital markets benefited from Dhs1bn allocated to establish a Market Maker fund that provides finance and maintains a constant equilibrium between supply and demand in the stock market.
“The performance of Abu Dhabi’s economy, that made rapid strides for diversification, shows that it is moving from strength to strength, benefiting from a prudent administration that learns from past experiences in its endeavors to optimize opportunities. Although oil continues to be important mainstay for Abu Dhabi economy, the emirate pursues an ambitious strategy for diversification of the economic base and income sources to support its sustainable development plans,” said Rashed Abdulkarim Al Blooshi, the undersecretary of Abu Dhabi Department of Economic Development (ADDED).
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