Growth up 2.6%
Strategic sectors contribute 72.2% to growth with transportation and storage at the top
Dubai’s real gross domestic product (GDP) has reached Dh389 billion in 2017 compared to Dh379 billion in 2016, an increase of 2.6 per cent. The growth was fuelled by the performance of strategic sectors that accounted for 72.2 per cent of total growth.
Dubai Statistics Centre (DSC) has revealed that Dubai’s real gross domestic product (GDP) reached Dh389 billion in 2017 compared to Dh379 billion in 2016, an increase of 2.6 per cent.
According to DSC, the growth was fuelled by the performance of strategic sectors that accounted for 72.2 per cent of total growth in 2017. The transportation and storage sector was the biggest contributor to total economic growth at 18.5 per cent, surpassing wholesale and retail trade, traditionally the largest sector in the emirate. The wholesale and retail trade sector’s contribution to growth stood at 8.3 per cent.
“Wholesale and retail trade activity contributed 26.6 per cent of Dubai’s real GDP and grew at a rate of 0.9 per cent,” said Arif Al Mehairi, Executive Director of the Dubai Statistics Centre. “This contribution was worth Dh103.6 billion.” He added that growth in wholesale and retail trade activity was accompanied by growth in foreign trade. Total imports and re-exports grew by 2.2 per cent in 2017 compared to 2016. Growth in total imports and re-exports could be attributed to a growth in industrial inputs and capital goods, both of which contributed to the growth of foreign trade by 1.8 and 1.6 per cent respectively. “These figures provide solid evidence of the fact that Dubai plays a dynamic role in supporting trade between the region and the rest of the world,” he said.
The transportation and storage sector was the top contributor to the total growth achieved in 2017 with a share of 18.5 per cent. It added a value of Dh46.1 billion compared to Dh44.1 billion in 2016, a growth of 4.5 per cent, Al Mehairi said. Transportation and storage includes all land transportation of individuals and goods, rail transportation, water transport, handling and storage activities, postal activities and air transportation of individuals and goods, in addition to its supporting activities.