Abu Dhabi’s GDP increased by 11% in the first half

The first half of the year saw an acceleration in Abu Dhabi’s economy of more than 11% on an annual basis, aided by a sharp rise in oil prices.
The emirate saw GDP $147.8 billion (AED543 billion) in the first six months of 2022, according to government figures published Thursday.
Non-oil sectors also showed “positive growth,” according to the government’s media office, with the health and social work activity sector rising nearly 30%, and accommodation and food services increasing 29%.
The UAE has been diversifying its economy away from oil.
This has “contributed to the economy’s resilience and ability to address global changes posed by geopolitical and economic factors that directly affected strategic sectors such as energy and international trade,” said Mohamed Ali Al Shorafa, chairman of the Abu Dhabi Department of Economic Development.
The UAE’s GDP is predicted by the IMF to expand by slightly over 5% this year and then 4.2% in 2023.