Abu Dhabi’s GDP expanded by a real 4.7% to AED736bn ($200.5bn) in constant prices last year, despite lower oil prices in Q4, speeding up from a 4.5% annual rise in 2013, amid growing non-oil sector due to large public spending, data from Statistics Centre Abu Dhabi (SCAD) showed.
The oil sector contributed AED372bn (50.5% share) to the overall GDP while the non-oil sector accounted for AED364bn last year. The main sectors contributing to Abu Dhabi’s economic growth in 2014 were real estate and financial and insurance activities, which grew 4.8% and 27.1%, respectively.
In nominal terms, Abu Dhabi’s GDP grew 2.2% in current prices to AED953bn in 2014. Abu Dhabi, the UAE’s largest and wealthiest emirate, has registered a five-fold increase in its nominal GDP since 2001, when it amounted to AED 185.7bn.
The annual per capita GDP amounted to AED358,600 in 2014 and total fixed capital formation was AED153.6bn, according to the SCAD. The compensation of employees was AED209.7bn.
Net trade in goods equalled to 25.8% of Abu Dhabi‘s GDP in 2014, reflecting the emirate’s robust and highly developed level of commercial activity and the significance of foreign trade to the economy in general, the SCAD noted.
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