Dubai’s economy grew 2.1% in first half of 2019

The Emirate’s GDP at constant prices reached Dh208.2 billion in the first six months of 2019.

Dubai’s economy grew 2.1 per cent year-on-year (YoY) in the first half of 2019. The emirate’s gross domestic product (GDP) at constant prices reached Dh208.2 billion in the first six months of 2019, according to data published by the Dubai Statistics Centre (DSC).

Arif Al Muhairi, Executive Director of the DSC, said that the flexibility of Dubai’s economy and its business structure helped the emirate maintain its economic growth; despite the slowdown of the regional and global economy. He added that the wholesale and retail sector supported the overall growth of the local economy thanks to Dubai’s strong infrastructure, as it helped boost its re-export business and trade with countries both in the region and around the world.

Al Muhairi further said that the trade sector posted a real growth of 3.3% backed by higher external trade, and higher re-exports which grew by 3% to reach Dh210 billion in the first half of 2019.

The wholesale and retail sector, which contributes 25.5% to Dubai’s GDP, grew 3.3% YoY. External trade grew by 17.7% to Dh76 billion.

The transport and storage sector grew by 6.2%. This sector plays a vital role in Dubai’s economy since it is highly related to all other economic sectors.

Activity in the hospitality and restaurant sector, which contributed 5.1% of the GDP, increased by 2.6%. Total visitors to Dubai in the first half of 2019 reached 8.4 million – a 3.2% increase compared to the same period in 2018, according to data from the Department of Tourism and Commerce Marketing.

Manufacturing contributed 9.5% to Dubai’s GDP and increased by 0.3% in the first half of 2019, compared to the same period in 2018.

Real estate also grew by 2.1% in the first half of 2019 compared to the same period in 2018 and contributed nearly 7.4% to the total GDP.

Mining, construction, professional activities, administrative services, public administration, education, health, arts, entertainment, and other service activities and household activities increased by 2% YoY, with a combined contribution of 23% to Dubai’s GDP.

Meanwhile, agriculture, electricity, gas, water, waste management, information and communication activities, as well as financial and insurance activity, declined by 1.4% year on year. Al Muhairi said that these sectors contributed 17% to the total GDP. The decline had a slight impact on overall growth.

 

Source: Gulf News