Abu Dhabi's gross domestic product (GDP) at current prices increased by 14.4 per cent, from Dh813.6 billion ($221.5 billion) in 2017 to Dh931 billion ($253.5 billion) in 2018, according to Statistics Centre - Abu Dhabi (SCAD).
The rise in the GDP was driven by the increase of activity in the value added of ‘Mining and quarrying’ (including crude oil and natural gas) by 35.7 per cent in 2018 to Dh375.9 billion compared with 14.9 per cent or Dh277.1 billion in 2017, reported Emirates news agency Wam.
This increase in value added resulted from higher oil prices, noted SCAD in its latest national accounts report.
As a result, its contribution to the total GDP increased from 34.1 per cent in 2017 to 40.4 per cent in 2018.
'Non-oil' activities at current prices increased by 3.5 per cent in 2018. These activities have seen positive growth rates since 2013. The strong increase in oil activities combined with lower growth rates in non-oil activities contributed to a decrease in the percentage share of non-oil activities in GDP from 65.9 per cent in 2017 to 59.6 per cent in 2018.
The results showed increases across most of the non-oil activities of GDP during 2018. Value added by ‘Manufacturing ' increased by 13.8 per cent in 2018. While the ' Activities of Public administration and defence; compulsory social security’ increased by 6.4 per cent in 2018, compared with 10.9 per cent in 2017, followed by the ‘Transportation and storage’ activity, which increased by 4.0 per cent in 2018, compared with a decrease by 6.4 per cent in 2017.
GDP at constant 2007 prices increased by 1.9 per cent in 2018 following a decrease of 0.9 per cent in 2017. ‘Manufacturing' activities grew at 5.9 per cent in 2018 compared with 5.4 per cent in 2017. While non-oil activities increased 0.6 per cent in 2018 compared with 0.9 per cent in 2017.
The main contributors to constant price non-oil activities in 2018, were ‘Construction’ with a share of 10.2 per cent of the total GDP and 'Financial and insurance’ activities with 7.3 per cent. The 'Manufacturing' activity contributed 6.2 per cent, while ‘Wholesale and retail trade; repair of motor vehicles and motorcycles’ and ‘Real estate’ activities contributed by 3.9 per cent and 4.2 per cent respectively in 2018.
The compensation of employees is an important component in the national accounts. The results shows that the compensation of employees rose by 3.7 per cent in 2018 to Dh250.0 billion compared with Dh241.1 billion in 2017 when a growth rate of 6.2 per cent was recorded.
Compensation of employees in the 'Public administration and defence; compulsory social security’, activity contributed 26.1 per cent of the total, while the ‘Construction’ activity contributed 1 1.7 per cent and the 'Manufacturing' activity 8.5 per cent in 2018.
Gross fixed capital formation increased by 6.8 per cent to Dh157.3 billion in 2018 compared with Dh147.3 billion in 2017 when it decreased by 21.1 per cent. The activities with the largest increase in the value of gross fixed capital formation in 2018 were ‘Public administration and defence; compulsory social security’, ‘Manufacturing' and ‘Mining and quarrying (including crude oil and natural gas) ' with increases of 15.9 per cent, 9.7 per cent and 9.1 per cent respectively.
The highest contribution to fixed capital formation during 2017 was from the ‘'Real estate' ' activity with 23.9 per cent, followed by ‘Mining and quarrying (includes crude oil and natural gas) with 23.3 per cent and the ‘Public administration and defence; compulsory social security’ activity with a contribution of 14.9 per cent in 2018.