Abu Dhabi’s economy grew by 3.8% in 2024, reaching a record $326.7 billion

Abu Dhabi’s economy grew by 3.8% in 2024, reaching a record $326.7 billion

Abu Dhabi’s economy grew by 3.8% in 2024 compared to the previous year, reaching a record value of $326.7 billion (AED 1.2 trillion), based on early official estimates.

GDP Growth

Abu Dhabi’s economy grew in 2024, mainly because of non-oil industries. The non-oil sector grew by 6.2% compared to the previous year and made up 54.7% of the total economy, its highest share ever, according to the Statistics Center-Abu Dhabi (SCAD).

Abdulla Gharib Alqemzi, director general of SCAD, said the strong economy shows that policies supporting business growth and global trade are working. He also noted that foreign investments in Abu Dhabi have increased by about 300% over the past ten years.

In the last three months of 2024, Abu Dhabi’s economy grew by 4.4% compared to the same period in 2023. The non-oil sector expanded by 6.6%, contributing 54.7% to the total economy.

Key Sectors

The manufacturing sector remained one of the biggest non-oil contributors, holding a steady 9.5% share of the economy. Its total value reached $30.4 billion (AED 111.6 billion), with a 2.7% growth in 2024.

The construction sector was the next biggest, contributing 9.1% to the economy. It grew by 11.3%, reaching a record high of $29.2 billion (AED 107.4 billion).

The transportation and storage sector had the fastest growth in 2024, expanding by 16.9%. This growth was due to improvements in infrastructure, better logistics, and more trade. The sector contributed 2.4% to Abu Dhabi’s economy, with a total value of $7.6 billion (AED 27.8 billion).

UAE Economy

The UAE’s economy grew by 3.8% in the first nine months of 2024, reaching $359.9 billion (AED 1.32 trillion), mainly due to non-oil industries.

The non-oil sector increased by 4.5% to $268.7 billion (AED 987 billion), showing the success of the UAE’s plan to reduce reliance on oil.

Non-oil industries made up 74.6% of the total economy, while the oil sector contributed 25.4%.

Published: 29th March 2025

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