Dubai's economic growth will accelerate in 2019 and 2020
Friday, 04 26 2019, Category: Economy, Country: U.A.E
Dubai's economic growth will accelerate in 2019 and 2020, with tourism, logistics, transport, wholesale and retail sectors replacing the real estate as main growth driver next year, official data showed.
Data released by Dubai Economy on Sunday showed that Dubai's GDP grew 1.94 per cent last year but it will pick up to 2.1 per cent this year and 3.8 per cent next year before easing to 2.8 per cent in 2021.
The emirate's economy will continue to rely on real estate as its main growth driver at 3.65 per cent for 2019 followed by 3.1 per cent for logistics and transport; 2.8 per cent growth in tourism; 2.4 per cent in financial services and 1.9 per cent in wholesale and retail trade.
But as tourists will flock into the emirate next year for Expo 2020, tourism sector will overtake real estate to become a top growth driver of the economy followed by logistics and transport; wholesale and retail; real estate; financial services; industrial and construction industries.
Dubai Economy said government-led policy initiatives and investments, improved growth prospects in trading partners, and preparation to host Expo 2020 are providing the bedrock for increased private sector credit and investment in Dubai.
"Next year's growth is all about Expo 2020 that will boost tourism, food and beverages, and hospitality during October, November and December," said Raed Safadi, chief economist at Dubai's Department of Economic Development.