ADDED forum reviews economic performance

As part of its endeavours to enhance economic communications with economic development partners, Abu Dhabi Department of Economic Development, ADDED, Tuesday organised the "Economic Development Partners – Abu Dhabi Plan" Forum with more than participating 40 local and federal government entities.
The forum is aimed to facilitate the implementation of projects and initiatives under the plan's economic development category and boost stakeholders' contribution to the fulfillment of its objectives.
During the forum, the participants got briefed on the statistics and data published by the Statistics Centre – Abu Dhabi on the Emirate's economic growth in the duration from 2012 to 2016 as Abu Dhabi's constant-price GDP compound annual growth rate reached (CAGR) 4.1%.
As per the data, the UAE's non-oil foreign trade compound annual growth rate, CAGR, reached 15 percent during the same period and total FDI into the Emirate in 2016 grew by 8 percent compared to 2015, while governmental spending on all capital expenditure items continued at the same rates.
Data of non-oil sectors' CAGR for the period from 2012 to 2016 indicated that the industrial sector scored a negative growth rate of 4.8 percent, transport and storage 3.8 percent, financial services and insurance 16.1 percent, trade 7 percent, tourism 2.1 percent, information and telecommunication 5.3 percent, real estate and construction 2.8 percent, education 3 percent and health 11.3 percent.
Ali Majed Al Mansoori, Chairman of ADDED, affirmed that Abu Dhabi Plan defines a clear path for implementing the government's vision to promote the emirate's position regionally and globally by realising the objectives of Plan Abu Dhabi 2030.
The government entities participating in the forum are engaged in the fulfillment of Abu Dhabi Plan's economic development aspect which is based on four key pillars: creating a flexible business environment, building an effective private sector and creating major investment opportunities, promoting the emirate's image as a distinguished tourism destination and creating vital sectors that contribute to the economic diversity, added Al Mansoori.
He stressed that the macro and sectoral indicators of Abu Dhabi demonstrate a positive performance of the emirate's economy during the last five years, despite negative economic developments worldwide that have adversely affected economic performance in general.
"The emirate's economic outlook constitutes a mix of opportunities and challenges in terms the emirate's economic flexibility and ability to turn challenges into opportunities capitalizing on the Emirate's points of strengths, including financial resilience and social stability, coupled with strong infrastructure and a regulatory framework that support launching and practicing business," added Al Mansoori.
He noted that the growth rates recorded reflect positive performance of the emirate's economy on a macro level in various sectors, including the non-oil sector, adding that data and statistics indicate improved performance in non-oil sectors in the period from 2012 through 2016, while other sectors such as tourism, real estate, financial market and industry tend to be moderate in line with the adaptation processes aimed to contain the effects of unfavorable developments in global economy.

Source: WAM