Statistics Centre – Abu Dhabi (SCAD) released today preliminary data that Abu Dhabi GDP at constant prices grew from AED 567.8 billion in 2007 to AED 606.6 billion in 2011, achieving an annual growth rate of 6.8 percent.
These 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.
The report shows the first figures of the GDP at constant prices, along with the key developments in Abu Dhabi economy over the past few years. These are the first detailed figures confirming that the Emirate’s economy has evidently overcome the repercussions of the global financial crises, as detailed data point to significant growth in real terms across all activities and sectors, both oil and non-oil. Growth in the GDP at constant prices during 2011 surpassed all the forecasts and estimates made by local and international parties.
Statistics Centre – Abu Dhabi had announced in August the GDP at current prices, which refers to the value of total economic output measured in prevailing in the market prices. Abu Dhabi’s GDP’s at current prices for 2011 amounted to AED 806 billion, marking an annual growth of 29.9 percent. However, market prices are prone to constant upward and downward changes. Therefore, the GDP in real terms does not reflect actual economic developments, necessitating the use of GDP at constant or real prices, which adjust nominal value for price changes and, accordingly, reflects the actual developments in output of goods and services, excluding any impact of price changes.
According to SCAD, Abu Dhabi’s GDP at constant prices (for the base year 2007) grew by 63 percent over the past decade, rising from AED 372.1 billion in 2001 to AED 606.6 billion in 2011. The economic performance in the course of the past ten years tells the success story of Abu Dhabi in harnessing natural resources to serve a sustainable development process and ensure that the people enjoy one of the highest living standards in the world.
The per capita GDP has increased proportionally with this development, reaching AED 286,000 in 2011 (at constant prices for the base year 2007), the second highest GDP per capita in the world.
However, this economic success story is only one aspect of providing a decent living for citizens and expatriates, which would not have been possible without the progress that has been achieved in other walks of life. This achievement can be attributed to the economic policies pursued by the Emirate, which aim to diversify sources of income by diversifying the economic base. Non-oil sectors now contribute the largest share of the GDP.
