Abu Dhabi GDP leaps almost a third

The Statistics Centre - Abu Dhabi (SCAD) has released preliminary figures shedding light on the key developments in Abu Dhabi economy over the last year. The figures show significant growth in all activities and sectors, both oil and non-oil. Growth in the GDP at current prices during 2011 surpassed all the forecasts and estimates made by local and international parties. According to the SCAD's preliminary data, Abu Dhabi GDP at current prices grew by 29.9 per cent from Dh620 billion in 2010 to Dh806 billion in 2011, reported Gulf News Sunday. The SCAD said this robust growth presents unequivocal proof that Abu Dhabi has fully recovered from the impact of the global economic crisis. During the past three years prices in Abu Dhabi have been markedly stable. The highest annual inflation rate during this period never exceeded 3.1 per cent. Despite the importance of oil to the economy of Abu Dhabi, the emirate is pursuing an ambitious strategy that seeks to expand and diversify the economy in order to fortify it against volatile oil prices. In this regard, the SCAD’s figures show that oil accounted for only 58.5 per cent of the GDP of the Abu Dhabi in 2011, despite the considerable rise in oil prices during the same year.