Envious of Dubai? Abu Dhabi's oil contribution to GDP falls

Envious of Dubai? Abu Dhabi's oil contribution to GDP falls
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Published October 8th, 2013 - 09:54 GMT via SyndiGate.info

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Abu Dhabi is an oil-led economy and expected it to stay that way
Abu Dhabi is an oil-led economy and expected it to stay that way
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The share of oil and natural gas in Abu Dhabi’s gross domestic product (GDP) fell to 56.1 per cent last year, from 58.1 per cent in 2011, according to the electronic version of the “Statistical Yearbook of the Emirate of Abu Dhabi-2013”, which got released yesterday.

According to Statistics Centre Abu Dhabi (SCAD), the emirate’s annual production of crude oil in 2012 was 948,200,000 barrels, an increase of 3.8 per cent compared with 2011, while the annual production of natural gas rose by 21.1 per cent on year to 2,791,815 million cubic feet in 2012.

SCAD said Abu Dhabi’s gross domestic product (GDP) at current prices in 2012 rose 7.7 per cent year on year to Dh911.16 billion, confirming the strength and resilience of the emirate’s economy.

“Abu Dhabi is an oil-led economy and I expect it to stay that way. Much of the increase we are seeing in non-oil output is a result of increases in oil-funded public spending,” HSBC economist Simon Williams told Gulf News by telephone, commenting on the figures released by SCAD.

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