Abu Dhabi’s growth in its non-oil economy outstripped its oil counterpart in the last quarter of 2015, according to a report.
The Abu Dhabi Department of Economic Development (ADDED) said financial markets, the tourism sector and foreign trade had boosted non-oil growth.
Non-oil GDP growth rose 8.8% year-on-year in quarter four of 2015, compared to oil GDP growth of 7.1%. The contribution of non-oil sectors to the economy also rose to 50.7%, up from 50.2%.
Overall the economy grew 7.7%, with a total GDP of AED196.1bn.
Ali Al Mansouri, chairman of ADDED, said: “The performance of non-oil sectors reflects the flexibility and capabilities of Abu Dhabi's economy, as it has the essential economic foundations in terms of solid financial situation, competitive business environment, attractive investment climate and social stability.
“Further it reflects its flexibility to accommodate challenges related to unfavorable developments in the international economy, transforming these challenges into opportunities to move forward towards a more diversified economy.”
According to the report in the present year Abu Dhabi’s non-oil foreign trade in January and February grew to AED30.8bn, about 7.7% higher than in the same period last year. This was due to a 69.7% surge in non-oil exports. The value of imports decreased by 9.1%.
The increase in non-oil exports was due to a higher volume of consumer goods exported, including food and beverages and transport equipment and parts, the report said.
The ministry said the first quarter of 2016 report showed continued optimism and confidence among consumers and the business community.
Tourism in Abu Dhabi rose during the first quarter, with the number of hotel guests up by 11% compared to the same period of 2015 to around 1.1m. Some 32% of guests were from the UAE while 7% were from India.