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Dubai's economy grew solidly by 2.8% in Q1 2023, reaching Dh111 billion
Posted on August 14, 2023 |
Dubai's economy demonstrates robust growth in Q1, registering an impressive 2.8% expansion rate.
This outpaces growth rates in highly developed nations, as indicated by OECD data showing a 1.6% growth in OECD countries and 1.1% in the European Union.
The wholesale and retail trade sector leads, contributing 22.9% to Dubai's GDP, closely followed by transportation at 14.1%.
Q1 sees a 1.2% growth in the trade sector compared to the previous year, adding Dh25.5 billion to the economy.
Transportation and storage shine with an exceptional 10.3% growth, underlining their key role.
The accommodation and food services sector grows by 5.6%, adding Dh4.5 billion and contributing 8% to overall Q1 growth.
Real estate operations experienced a 2.4% expansion, contributing 7.4% to the economy and adding 6% to the overall growth.
The financial and insurance sectors registered a 3.2% growth, making up 12.7% of the GDP and adding Dh14.2 billion in value. This segment constituted 15% of Dubai's growth in the first quarter.