Abu Dhabi economy grew 4% to $327bn in 2024

The non-oil sector has pushed Abu Dhabi’s economic growth to a new high.

Real GDP in the the UAE’s largest and most wealthy emirate expanded by 4 percent year on year in 2024, reaching AED1.2 trillion ($327 billion), state-run Wam news agency reported.

The growth was driven by an annualised 6 percent increase in the non-oil economy, Wam said, citing the preliminary estimates issued by the Statistics Centre Abu Dhabi.

The non-oil sector contributed 55 percent to total GDP, growing for the third consecutive year to AED644 billion.

Manufacturing was one of the largest non-oil contributors to GDP, maintaining a stable 9.5 percent share, as added value reached AED112 billion. This sector grew 3 percent in 2024, supported by the Abu Dhabi Industrial Strategy. 

Construction followed, contributing 9 percent to total GDP, growing 11 percent to a record high of AED107 billion.

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The financial and insurance sector grew by 11 percent year on year to AED78 billion, contributing 7 percent to the total GDP last year.

Real estate expanded by 4 percent, pointing to a demand and investment in property development. The sector’s contribution to total GDP was 3.5 percent in 2024, exceeding AED42 billion.

In the fourth quarter of 2024, Abu Dhabi’s GDP grew by 4 percent, while non-oil GDP expanded by 7 percent, contributing 55 percent to total GDP, the report said.