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FINANCIAL NEWS
Abu Dhabi’s economic reliance on oil falls to 49.4%
11 Aug 2010
(MENAFN) The Director of Statistics Center Abu Dhabi (SCAD) said that crude oil’s contribution to the gross domestic product (GDP) of Abu Dhabi came at 49.4 percent in 2009 compared to 60.9 percent in the previous year and 56.4 percent in 2007, Gulf News reported.
Upon such a fall down, the emirate’s programs aim at enlarging its economic base, expanding its revenue sources and decreasing this percentage up to 36 percent by the year of 2030 based on an effective plan, stated by director.
Abu DhabiÂ’s GDP at current prices dropped to $148.9 billion in 2009, down from $181 billion in previous year, while fixed capital formation grew to $21 billion, up from $19.6 billion in 2008, the SCAD report said.
In addition to that, foreign trade contributed with 73 percent of the emirateÂ’s GDP in 2008, reflecting the Abu DhabiÂ’s highly developed level of commercial activity and economic the importance of foreign trade presented in its exports and imports components. SCAD officials said the figures for 2009 are still being worked out.
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