Abu Dhabi – The Statistics Center of Abu Dhabi (SCAD) has released preliminary statistical estimates for Abu Dhabi’s gross domestic product for 2024, showing significant annual economic growth driven by the thriving non-oil sector.
The 2024 GDP data highlights Abu Dhabi’s sustained economic momentum, with total GDP and non-oil GDP reaching record values for the third consecutive year.
The emirate’s real GDP expanded by 3.8% in 2024 compared to 2023, reaching an all-time high value of AED 1.2 trillion (USD 326 billion), driven by the non-oil economy which recorded a strong growth rate of 6.2 percent, marking its highest-ever annual contribution of 54.7% to total GDP. This underscores Abu Dhabi’s continued success in implementing economic diversification strategies and fostering sustainable, long-term growth.
The non-oil sector remained the primary driver of economic momentum, with total non-oil GDP added value reaching AED 644.3 billion (USD 175 billion), setting a record for the third consecutive year.
Key sectors including manufacturing, construction, finance and insurance, information and communication, wholesale and retail trade, education, and health, achieved their highest-ever values, reflecting the emirate’s commitment to industrial development, infrastructure investment, and human capital enhancement.
Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said, “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.”
He added that with a record-breaking AED 1.2 trillion (USD 326 billion) GDP and a 6.2% growth of non-oil sectors- accounting for 54.7% of total GDP in 2024, this steady growth further enhances Abu Dhabi’s status as a rising economic powerhouse and a premier destination for global talent, high-value investments, and world-class enterprises.
“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. The Economic Diversification 2.0 strategies are accelerating the transition towards a smart, diversified, and sustainable economy. We remain committed to unlocking new opportunities, empowering human capital, and forging strategic partnerships that will shape the economy of the future,” Al Zaabi stated.
Abdulla Gharib Alqemzi, Director-General of SCAD, said, “The annual GDP statistical estimates confirm Abu Dhabi’s steady progress in economic transformation, with non-oil activities reaching a record 54.7% contribution to GDP. This milestone reflects the emirate’s commitment to fostering an investment-friendly environment, empowering entrepreneurs, and enhancing business opportunities across various high-growth sectors.”
The strong performance of Abu Dhabi’s economy in 2024 underscores the success of economic policies that facilitate business expansion and global trade, which resulted in around a 300% increase in foreign investments in Abu Dhabi over a decade.
The manufacturing sector remained one of the largest non-oil contributors to GDP, maintaining a stable 9.5% share, with its added value reaching AED 111.6 billion (USD 30.4 billion)—the highest on record. This sector achieved an annual growth rate of 2.7% in 2024 compared to 2023, reflecting the success of the Abu Dhabi Industrial Strategy’s (ADIS) programmes in driving industrial growth to strengthen the emirate’s position as the region’s most competitive industrial hub.
The construction sector followed closely, contributing 9.1% to total GDP, with an impressive growth rate of 11.3% and a record high of AED 107.4 billion (USD 29.2 billion).
The financial and insurance sector also experienced significant expansion, growing 10.7% year-on-year to reach AED 77.8 billion (USD 21.1 billion), contributing 6.6% to the total GDP in 2024, further cementing Abu Dhabi’s position as a leading financial hub.
The information and communication sector grew by 6.6% year-on-year, achieving a record value of AED 32.2 billion (USD 8.8 billion) and contributing 2.2% to Abu Dhabi’s total GDP in 2024.
The wholesale and retail trade sector also saw its highest-ever value at AED 62.7 billion (USD 17.1 billion), contributing 5.3% to the emirate’s GDP, reinforcing its vital role with a growth rate of 2.2% in 2024.
The transportation and storage sector achieved the highest growth rate among all industries in 2024 at 16.9%, driven by infrastructure investments, logistics advancements, and increased trade activity. The sector’s contribution to Abu Dhabi’s economy stands at 2.4% with a total value of AED 27.8 billion (USD 7.5 billion).
The real estate sector grew by 4.2% in 2024, reflecting steady demand and investment in property development. Its contribution to the total GDP reached 3.5% in 2024 with a total value exceeding AED 41.7 billion (USD 11.4 billion).
Key service sectors also experienced notable expansion, with education and health reaching their highest-ever values at AED 20.4 billion (USD 5.6 billion) and AED 17 billion (USD 4.6 billion), respectively, through growth rates of 2.5% and 4.1% in 2024, underlining Abu Dhabi’s commitment to human capital development and social wellbeing.
In the fourth quarter of 2024, Abu Dhabi’s GDP grew by 4.4%, while non-oil GDP expanded by 6.6%, maintaining its record-high contribution of 54.7% to total GDP.
