According to the latest economic report by the Dubai Digital Authority’s Dubai Statistics Centre, ‘Wholesale and Retail Trade’ accounted for 24.1% of Dubai’s GDP during the January-September period this year…reports Asian Lite News
The UAE economy has experienced sustained momentum in 2022, boosted by Expo 2020 and the easing of COVID-19 restrictions, according to the OPEC Monthly Oil Market Report for December.
The report cited recent economic indicators suggesting strong growth has been maintained in most activities.
“The tourism sector, which accounts for around 6% of the UAE’s GDP, experienced strong growth and Dubai was again the world’s busiest international airport, with passenger numbers for the first time exceeding pre-pandemic levels in 2Q22,” added the report.
Considering the FIFA World Cup in Qatar, the report continued, tourism growth might increase further and boost 4Q22 GDP growth.
“In October, the S&P Global UAE PMI increased to 56.6 from 56.1 amid strengthening demand. The current expansion momentum might carry over to 2023 in line with government policies that aim to increase foreign direct investment through eight comprehensive economic and trade agreements it expects to sign in the near term,” the report noted.
Earlier this week, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, announced that Dubai’s GDP grew 4.6% year-on-year to AED307.5 billion during the first nine months of 2022 compared with the same period last year.
According to the latest economic report by the Dubai Digital Authority’s Dubai Statistics Centre, ‘Wholesale and Retail Trade’ accounted for 24.1% of Dubai’s GDP during the January-September period this year, maintaining its position as the top contributor to the emirate’s economy. In terms of growth, the hospitality and F&B services outperformed all other sectors, with a year-on-year increase of 28% during the year’s first nine months.
Among notable sectoral performances is the remarkable growth in ‘Transport and Storage,’ accounting for 2.5 percentage points or more than half of the 4.6 percentage-point growth in Dubai’s GDP in the first nine months of 2022. The fact that the sector’s contribution to the overall GDP stood at just 11.6% during the period underscores the dynamism of Dubai’s economy, highlighting how different activities and sectors integrate to lend robustness and strength to the emirate’s economy.