According to reports from the Ministry of Economy Abu Dhabi’s economy witnessed GDP growth of around 4.8% last year, reaching around AED953 billion at current prices.  Total non-oil GDP accounted for 45% of the national accounts.

There was also a major boost from credit ratings agency, Moody's Investors Service, which has given Abu Dhabi an AA2 rating, highlighting the Emirate’s economic strength as ‘very high’.

According to Moody’s this stems from the effective management of the Emirate’s hydrocarbon revenues, which has led to large fiscal and external surpluses.   Political stability, economic resilience and sound policy framework are also highlighted as strengths of the emirate.

According to Statistics Centre Abu Dhabi (SCAD), Abu Dhabi’s inflation rate was recorded at 1.3% during 2013.  The ‘food and non-alcoholic beverages’ group had the highest yearly increase, contributing to 26% of the total price change, followed by ‘transport’ and ‘clothing and footwear’ groups with 21% and 17%.

During the first two months of the year, consumer prices rose 2.3% over the same period last year.  Inflation estimates for 2014 as a whole are currently between 1% and 2%, driven by the rebound in market activities and increasing consumer demand levels.

2013 proved to be a notably better year for Abu Dhabi’s tourism market, with positive growth across a number of key performance indicators.  This included the total guest numbers which reached to 2.8 million for the first time.

We accept Guest Posts

Download the Dubai City Guide iPhone mobile app

DubaiCityGuide.com is owned and managed by Cyber Gear