(MENAFN - Khaleej Times) Abu Dhabi's gross domestic production (GDP) at current prices rose by 7.7 per cent to mark Dh911.6 billion at the end of 2012, compared to Dh846.7 billion in 2011, albeit relatively better economic performance during 2011 as GDP achieved a nominal growth rate of 32 per cent.
The Economic Report of the Emirate of Abu Dhabi 2013 issued by the Studies Directorate of the Department of Economic Development, has interpreted this relative growth through low growth rate achieved by the extractive industry activity in 2012, which amounted to about 6.2 per cent, compared to 52.8 per cent in 2011, due to the limited increases in quantities of oil production, and the limited rise in oil prices in global markets during 2012 compared to 2011. Abu Dhabi's oil exports registered a growth rate of 6.9 per cent during 2012 compared to approximately 5.4 per cent in 2011
The report emphasised that the continuation of non-oil activities to achieving high rates of growth in recent years, evidence the soundness and efficiency of the economic diversification policy followed by the Government; especially in the last three years which witnessed continuous improvement in the performance of this group of activities, after the sharp slowdown experienced in 2009
The reported stated that 2012 witnessed the continuation of the leading role of the group of non-oil activities in support of the overall economic performance, which achieved a combined positive growth rate of 9.6 per cent at current prices in 2012
In general, the report pointed out that contribution of extractive industries activities to Abu Dhabi's GDP in 2012 dropped to 56.48 per cent compared to 57.3 per cent in 2011
Nasser Ahmed Alsowaidi, chairman Abu Dhabi Department of Economic Development, said, "Abu Dhabi's economy continued to achieve distinct quantitative and qualitative developments in various in all areas, thanks to the far-sighted leadership and the sincere efforts to efficiently and sensibly invest oil revenues, taking into consideration the attainment of sustainability and empowerment of community members; as these goals are the focus of the "Abu Dhabi Economic Vision 2030"
He said that the path of economic development in the Emirate of Abu Dhabi in recent years has been characterized by focusing on directing huge investments towards non-oil activities, to expedite and further the diversification of the economic base and income sources
This approach coincided with government efforts to stimulate and encourage the private sector to participate actively in the development process of the Emirate; and lay down the solid base for an environment, most attractive and supportive to ensure the success of investment projects
Alsowaidi added that this new edition of the "Annual Economic Report of the Emirate of Abu Dhabi 2013", comes to depict and mirror the strength of the economy, based on genuine indicators, that Abu Dhabi's economy, beyond any doubt, had returned to its healthy pace, taking advantage of the vivid diversification strategy pursued by the Emirate, which succeeded in reducing the oil sector's dominant contribution to GDP, in favour of non-oil activities, that had experienced strong growth rates in recent years.