Abu Dhabi GDP grows 1.4% y/y in Q3

Abu Dhabi GDP grows 1.4% y/y in Q3

03 January 2024, Emirates NBD

Abu Dhabi’s GDP grew 1.4% y/y in Q3, slower than the 3.5% growth recorded in Q2. However, non-oil sector growth was surprisingly robust at 7.7% y/y in the third quarter, and non-oil sector growth in the year to September stood at 8.7% y/y. This was offset by a -4.7% y/y contraction in oil and gas value added in Q3, and we expect oil and gas GDP to remain weak in Q4 2023. Emirates NBD estimates 2023 UAE GDP growth at 3.6%, down from 7.9% in 2022.

Retail fuel prices in the UAE will be lower in January, with average oil prices having moderated further in December. Mid-grade petrol prices will decline to AED 2.71/litre, down 4.9% m/m, from AED 2.85/litre in December. Diesel prices will also be lower, falling from AED 3.19/litre to AED 3.00/litre.

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