Dubai’s economy grew 2.1 percent year-on-year (YoY) in the first half (H1) of 2019, with the GDP reaching Dh208.2 billion ($56.7 billion) at constant prices, according to data published by the Dubai Statistics Centre (DSC).
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, Arif Al Muhairi, executive director of the DSC was quoted as saying in an Emirates news agency Wam report.
He also said 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 added that the trade sector posted a real growth of 3.3 percent backed by higher external trade and higher re-exports which grew by 3 percent to reach Dh210 billion in the first half of 2019.
The wholesale and retail sector, which contributes 25.5 percent to Dubai’s GDP, grew 3.3 percent YoY, while external trade grew by 17.7 percent to Dh76 billion.
The transport and storage sector grew by 6.2 percent. The 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 percent to GDP, grew 2.7 percent. Total visitors to Dubai in the first half of 2019 reached 8.4 million, a 3.2 percent growth compared to the same period in 2018, according to data from the Department of Tourism and Commerce Marketing.
Manufacturing activity, which contributed 9.5 percent to Dubai’s GDP, grew by 0.3 percent in the first half of 2019, compared to the same period in 2018.
Real estate activity also grew by 2.1 percent in the first half of 2019 compared to the same period in 2018 and contributed nearly 7.4 percent to the total GDP.
Adding to that, mining, construction, professional activities, administrative services, public administration, education, health, arts, entertainment, and other service activities and household activities grew 2 percent YoY, with a combined contribution of 23 percent 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 percent YoY. Al Muhairi said that these sectors contributed 17 percent to the total GDP. The decline had a slight impact on overall growth.
TradeArabia News Service