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FINANCIAL NEWS
Oil, gas share in Abu Dhabi’s GDP drops 56.1 pct
08 Oct 2013
(MENAFN) The Statistical Yearbook of the Emirate of Abu Dhabi-2013 reported yesterday that Abu Dhabi’s gross domestic product (GDP) was affected by the share of oil and natural gas as it dropped by 56.1 percent compared to 58.1 percent in 2011, according to Gulf News.
SCAD said that the emirate’s crude oil production rose 3.8 percent reaching 948,200,000 barrels last year compared to 2011.
HSBC economist Simon Williams said: “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.”
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