Abu Dhabi GDP grew 29.9% in 2011

Abu Dhabi, or Scad, on Saturday said Abu Dhabi’s gross domestic production, or GDP, at current prices grew by 29.9 per cent from Dh620 billion in 2010 to Dh806 billion in 2011.While releasing preliminary figures shedding light on the key developments in Abu Dhabi economy, Scad said the results demonstrate that the emirate’s economy has bounced to levels above those that dominated prior to the global financial crisis, giving it a huge competitive advantage and boosting its appeal to local and foreign investors. “These are the first detailed figures confirming that the emirate’s economy has evidently overcome the repercussions of the global financial crises, posting significant growth all activities and sectors, both oil and non-oil. Growth in the GDP at current prices during 2011 surpassed all the forecasts and estimates made by local and international parties,” Scad said. According to Scad, the robust growth presents unequivocal proof that the Emirate of Abu Dhabi has fully recovered from the impacts of the global economic crisis, with data indicating record gains of Dh186 billion during the year 2011, which saw GDP at current prices grow to Dh806.031 billion, up from Dh620.316 billion in 2010. Supported by its remarkable resilience, huge financial surpluses, strong growth in non-oil sectors and activities, high oil prices, along with several other factors, the economy of the emirate was fast to overcome the consequences of the global financial crisis, regain stability and, interestingly, achieve some benefits from it. For instance, inflation retreated to only 1.9 per cent during 2011. In addition, the crisis gave impetus to non-oil activities, which achieved strong growth rate of approximately seven per cent during 2011. A thorough review of the economy of the Emirate of Abu Dhabi will confirm that it has made vast strides and achieved a high level of development and diversity in a short span of time, making continuous gains under a wise management that learned from past experience in its endeavour to take best advantage of available opportunities. This is reflected in the fast-paced economic progress the Emirate has experienced over the past years, in the course of which major projects were undertaken, translating a practical vision and an insightful outlook on the future. This impressive growth enhanced the attractiveness of the national economy to investors worldwide and established the Emirate as a hub for concluding major business deals.