Abu Dhabi earns AED 393 billion from oil exports in 2011
khaleej Times reported that Abu Dhabi’s GDP grew 6.8% in 2011 on constant prices due to robust growth in crude oil and natural gas, financial and insurance and manufacturing sectors.
Oil, gas and oil products exports rose to AED 393.439 billion while non oil exports climbed to AED 11.478 billion in the year. The growth was led by the hydrocarbon sector which expanded 9.4%. The financial and insurance sector grew 10.5% while manufacturing jumped 9.8% in the year marred by the global economic crisis.
In 2010, the economy grew three per cent, Statistics Centre Abu Dhabi said in its Statistical Year Book 2012, which was posted. GDP in constant prices shows how much goods and services were produced in volume terms and is measured by holding prices constant.
Per capita GDP rose to AED 286,000 in the year, the fourth highest after Qatar, Liechtenstein and Luxembourg. The UAE’s national per capita GDP estimated in 2010 was USD 40,200 ranking 21st in the world.
Higher growth means higher revenues for the Abu Dhabi government, which increased 41.3% YoY showing the impact of petroleum sales that soared 55%. The daily average production of crude oil increased from 2.3 million barrels per day in 2010 to 2.5 million bpd in 2011 or by 10.7% it also increased the average exports of crude oil by 12.3% to 2.3 million barrels per day from 2 million barrels per day in the period a year ago.
Current expenditure, as a percentage of total public expenditure, increased from 48.5% in 2010 to 49.1% in 2011. Capital expenditure as a percentage of total public expenditure dropped marginally from 51.5% in 2010 to 50.9% in 2011.
The Abu Dhabi government is taking steps to establish favorable conditions that will enhance investor confidence in the economy.A transparent tax structure with a supporting judicial system, investment encouraging business legislation and industrial zones will enhance international investor perception about business opportunities in the emirate.
Foreign direct investment or FDI, at the end of 2009 was at AED 43.171 billion up from AED 38.855 billion at the end of 2008, most of which went into real estate and business, attracting Dh16.965 billion at the end of 2009, compared with Dh12.620 billion at the end of 2008.
Financial institutions and insurance accounted for the second largest share of total FDI, with 24.6% at the end of 2008 and 14.9% at the end of 2009. European countries accounted for the largest proportion of FDI that increased from Dh9.459 billion at the end of 2008 to AE 9.877 billion at the end of 2009, or by 4.4%.
Total portfolio investment in Abu Dhabi, consisting of equity securities but excluding debt securities, amounted to AED 7.609 billion at the end of 2009 up from AED 6.012 billion at the end of 2008. Real estate and business services contributed the biggest chunk amounting to AED 5.529 billion at the end of 2009 and AED 4.136 billion at the end of 2008.
Source - khaleej Times.com