Abu Dhabi's GDP grew 30 percent in 2008

Abu Dhabi, Nov 4 : Despite the global financial crisis and a sharp rise in commodity prices, Abu Dhabi's gross domestic product (GDP) rose from 17.2 percent in 2007 to 30 percent in 2008, WAM news agency reported Wednesday.

The Abu Dhabi Economic Report 2009, which made the observations, was released by the Department of Economic Development (DED) here Wednesday.

DED chairman Nasser Al Suweidi said in the report the department has taken a number of steps to achieve a balanced sustainable development. These steps aimed at improving business environment, boosting transparency and creating competitive environment, among others.

"Abu Dhabi economy has emerged as a key player in the region, as it offers diverse investment opportunities in areas like industry, infrastructure, real estate and renewable energy sources. This role will have positive impact on efforts to sustain growth and diversification," said Mohammed Omar Abdullah, undersecretary of DED.

He said oil is still the No 1 sector contributing 63.6 percent to the GDP, while manufacturing industries, construction and finance contributed 9.6, 5.2 and five percent respectively.

--IANS