April 26, 2022
2 mins read

Sharjah’s economy grows 4.8%

Sharjah’s gross domestic product (GDP) expanded by an annual 4.8 percent in 2021…reports Asian Lite News

Sharjah’s gross domestic product (GDP) expanded by an annual 4.8 percent in 2021, as per official data released by the emirate’s Department of Statistics and Community Development (DSCD). With nearly AED130.5 billion in GDP earnings last year compared to AED124.6 billion in 2020, the emirate’s economy, particularly the non-oil sectors, accelerated reinforcing its growing status as a regional hub for business, trade and investments.

The data testifies to Sharjah’s resilience in adapting to the fast-changing economic landscape of the post-pandemic era, DSCD underlined, adding that indicators of future growth remain positive for a multitude of sectors owing to the emirate’s agile economic diversification policies and practices.

The 2021 GDP growth findings are based on a detailed economic study led by DSCD, which featured a thorough review of Sharjah’s macroeconomic data from 2020 and preliminary estimates for the year 2021. The study includes all economic activities in line with the International Standard Classification of Economic Activities (ISIC.4) and is based on a survey of both independent bodies and the government sector.

Sheikh Mohammed bin Humaid Al Qasimi, Chairman of DSCD: “The exceptional growth Sharjah witnessed in 2021 clearly indicates the success of the emirate’s strategies for sustainable growth and development. These are based on diversity of market sectors and incomes, balanced growth, and the strategic distribution of development capital. Sharjah’s economy has proved its agility in adapting to far-reaching local and global changes. The numbers highlight the success of the emirate’s integrative strategies guiding both developmental and economic entities in public and private sectors. As Sharjah continues its developmental journey, DSCD reaffirms its commitment to offering stakeholders a robust source of accurate data and information, which reflects current and future socioeconomic realities.”

Data shows that the emirate’s trading sector was the most significant contributor to GDP at 23.8 percent. Transformative industries stood at 17.0 percent, construction at 9.3 percent, and real estate at 9.0 percent, while the government sector contributed to 7.3 percent in 2021.

ALSO READ: UAE leaders discuss plans for next 50

As for growth rates of specific economic sectors in 2021 compared to 2020, the study reveals wholesale and retail trade as leading the charts at 10.0 percent. Transport and storage sectors registered a 9.5 percent growth, followed by the accommodation/hospitality and food services at 9.1 percent. Extractive industries grew by 9.0 percent and health and social services by 7.6 percent.

Sector-specific contributions include production at AED240 billion in 2021, compared to AED228.8 billion in 2020. Workers’ compensation increased to AED38.8 billion in 2021, compared to AED36.9 billion in the previous year; and the total value of capital expenditures rose to AED33.8 billion in 2021, compared to AED31.3 billion in 2020.

Previous Story

Russia warns of nuclear war risks  

Next Story

Pakistan reeling under blackouts

Latest from -Top News

India vows stronger maritime ties with ASEAN

Conveying Prime Minister Narendra Modi’s warm greetings on the 20th anniversary of the East Asia Summit (EAS), he said India deeply values the members’ contributions to regional peace, progress, and prosperity….reports Asian

Piyush Goyal in Brussels as India, EU push FTA talks

Goyal’s visit reflects India’s steadfast commitment to deepening engagement with the European Union…reports Asian Lite News Commerce and Industry Minister Piyush Goyal on Monday met EU Commissioner for Trade and Economic Security

Shutdown Turmoil Grounds Thousands of US Flights

On Sunday alone, over 8,700 flights were delayed, according to FlightAware, as staffing shortfalls continue to mount…reports Asian Lite News More than 4,000 flights across the US were delayed on Monday, with
Go toTop

Don't Miss

Inflation Drains Eid Spirit in Syria

Popular Eid al-Fitr food becomes less affordable in Syria as

South Africa Cabinet safe from dismissal after no-confidence vote

South Africa’s National Assembly, or the lower house of Parliament,