Abu Dhabi’s Q3 2024 GDP Hits Record $82bn: Economic Diversification Success
Abu Dhabi achieves 4.5% GDP growth in Q3 2024, reaching AED301.8bn. Non-oil sectors show remarkable 6.6% growth, marking economic diversification milestones.
By Vadim Kouznetsov, published
Abu Dhabi’s economy has reached new heights, setting a quarterly record in Q3 2024. The Statistics Centre – Abu Dhabi (SCAD) reports an impressive 4.5% growth compared to the previous year, with GDP reaching AED301.8bn ($82.2bn).
Strong Non-Oil Sector Performance
The non-oil economy stands out with a remarkable 6.6% growth, showing Abu Dhabi’s economic strength. Contributing 54% to the overall economy, these figures highlight the successful implementation of diversification initiatives.
Sector-by-Sector Analysis
Transport and Storage
- 18% growth rate
- AED7.1bn ($1.9bn) value added
- Driven by increased cargo volumes and container handling
- Enhanced port revenues
Financial Services
- 11.6% growth rate
- AED19.5bn ($5.3bn) contribution
- 6.4% of total GDP
- Growth in loans and deposits across major banks
Construction Sector
- 10% growth rate
- AED26.7bn ($7.3bn) value added
- 8.8% GDP contribution
- Significant rise in urban infrastructure projects
Real Estate
- 6.1% growth rate
- AED10.7bn ($2.9bn) value added
- 3.5% GDP contribution
- Strong demand for quality properties
Manufacturing
- 2% year-on-year growth
- AED29.4bn ($8bn) value added
- 9.7% GDP contribution
- Largest non-oil sector for seven consecutive quarters
Government Initiatives and Investments
The Abu Dhabi government has approved 144 new projects in 2024 with an AED66bn ($18bn) budget, focusing on:
- Housing developments
- Educational facilities
- Tourism infrastructure
- Natural resource management
- Traffic improvement projects (AED3bn budget)
Future Outlook
Abu Dhabi’s commitment to smart, diversified economic growth remains strong. With sustained investment in infrastructure and strategic sectors, the emirate is well-positioned for continued success in the global marketplace.
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