Dubai’s economy grows 2.1% as most sectors improve
Tuesday, 11 26 2019, Category: Insurance and Reinsurance, Country: U.A.E
Dubai’s economy grew 2.1 percent year-on-year for the first half of 2019, with gross domestic product (GDP), a common measure of the total size of an economy, reaching 208.2 billion dirhams ($56.69 billion), according to official statistics published by the Dubai Statistics Centre (DSC).
The wholesale and retail sector grew 3.3 percent year-on-year and contributed 25.5 percent to the city’s GDP. External trade grew 17.7 percent to 76 billion dirhams, while the transport and storage sector grew 6.2 percent.
With tourism to Dubai on the rise, the hospitality and restaurant sector grew 2.7 percent, contributing 5.1 percent to GDP.
Manufacturing grew 0.3 percent year-on-year, contributing 9.5 percent to Dubai’s GDP, and real estate grew 2.1 percent in the same period, contributing nearly 7.4 percent to total GDP.