Abu Dhabi’s economy has continued its upward trajectory in 2024, with the emirate’s Gross Domestic Product (GDP) expanding by 3.8% compared to 2023. The total GDP reached a record AED1.2 trillion, driven primarily by the success of the non-oil sector. Non-oil GDP grew by 6.2% in 2024, contributing a historic 54.7% to the overall GDP.
Non-Oil Sector Leads Growth
The non-oil sector remained the key driver of Abu Dhabi’s economic momentum, with total non-oil GDP reaching AED644.3 billion. This marks the third consecutive year of record growth for the sector, as strategic economic diversification continues to bear fruit. Manufacturing, construction, finance, insurance, and wholesale trade all hit their highest-ever values, reflecting the emirate’s strong industrial development and infrastructure investment.
A Visionary Approach to Economic Diversification
Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), praised the consistent growth of the emirate’s economy, describing it as a testament to Abu Dhabi’s progressive policies and forward-thinking economic strategies. “The consistent, remarkable performance of the Falcon Economy in the past years is a testament to Abu Dhabi’s forward-thinking economic strategies, progressive policies, and proactive responses to an evolving global landscape,” Al Zaabi said.
He added, “Guided by our visionary leadership, we are future-proofing Abu Dhabi’s economy through pioneering initiatives that drive industrial transformation, stimulate sustainable growth, and reshape tomorrow’s economy.”
Record Performance Across Key Sectors
Several key sectors contributed significantly to the emirate’s growth in 2024. The manufacturing sector, contributing 9.5% to GDP, grew by 2.7% year-on-year, reaching a value of AED111.6 billion. The construction sector saw remarkable growth, contributing 9.1% to GDP, with an 11.3% increase and a total value of AED107.4 billion. The financial and insurance sector also performed well, growing by 10.7% to AED77.8 billion, cementing Abu Dhabi’s position as a financial hub.
The wholesale and retail trade sector achieved a record value of AED62.7 billion, while the transportation and storage sector experienced the highest growth rate of 16.9%, reflecting the success of infrastructure investments and increased trade activity.
Growth in Social Sectors
Abu Dhabi also made strides in key social sectors. The education and health sectors achieved record values, reaching AED20.4 billion and AED17 billion, respectively. These sectors grew by 2.5% and 4.1%, underscoring Abu Dhabi’s continued investment in human capital and social wellbeing.
Solid Growth in Real Estate
The real estate sector grew by 4.2% in 2024, reaching a total value exceeding AED41.7 billion. This growth reflects steady demand and investment in property development across the emirate.
Q4 Performance and Outlook
In the final quarter of 2024, Abu Dhabi’s GDP grew by 4.4%, with non-oil GDP expanding by 6.6%. The non-oil sector maintained its record-high contribution of 54.7% to the total GDP, further confirming the success of the emirate’s diversification efforts.
With these strong results, Abu Dhabi continues to solidify its position as an economic powerhouse, ready to face future challenges and capitalize on new opportunities for sustainable growth.
