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FINANCIAL NEWS
Abu Dhabi economy grows by 29.9% in 2011: SCAD
09 Jul 2012
(MENAFN) Official data showed that Abu Dhabi gross domestic product (GDP) recorded 29.9 percent growth in 2011 at current prices, Saudi Gazette reported.
According to Statistics Centre-Abu Dhabi (SCAD) preliminary figures, the Gulf capital’s economy grew to USD491.56 billion last year, up from USD168.75 billion in 2010.
The data showed that the emirate’s economy has fully recovered from the implications of the global economic crisis, giving it a considerable competitive advantage and boosting its appeal to local and foreign investors.
Abu Dhabi’s economy showed ability to overcome the global financial crisis, supported by its huge financial surpluses, strong growth in nonoil sectors and activities, high oil prices, along with several other factors.
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