Dubai’s economy grow 2.8 percent to Dh111.3 billion 2023

Dubai’s economy grow 2.8 percent to Dh111.3 billion 2023

The Dubai economy recorded 111.3 billion dirhams in the first half of 2023, up 2.8 percent year-on-year, with growth in all large sectors, including transport, storage, finance, and insurance. The economic growth rate last year was 4.4%.

The goal of the ‘D33’ plan of the Dubai Economic Agenda is to become one of the world’s top three economic hubs. Officials also plan to double the economy over the next decade to reach 32 trillion dirhams.

Read More: Dubai top in attracting FDI projects for the cultural and creative industries.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Board, said, “Dubai continues to be one of the world’s leading economies thanks to its excellent investment environment, smart infrastructure, and business support ecosystem.

Dubai’s growth in the first quarter of 2023 is more amazing than some of the most developed countries in the world. As per the data report from the Organization for Economic Co-operation and Development (OECD) put the OECD country’s seasonally adjusted growth rate at 1.61%. Furthermore, the US economy grew only 1.8% in the first quarter of this year.

Additionally, the transportation and storage sector outperformed all other segments with a notable growth rate of 10.3% in the first quarter of 2023. It generated 48% of overall Q1 growth, generating Dh15.6 billion in added value.

Wholesale and retail trade continued to be a major contributor to the economy accounting for 22.9% of GDP, followed by the transportation sector with 14.1%. The real estate sector also grew 2.4%, contributing 7.4% to the economy and 6% to overall record growth.

Financial and insurance activities grew by 3.2 percent in the first half of 2023, contributing 12.7 percent to GDP and value added to Dh14.2 billion. Director of the Ministry of Economy and Tourism, Helal Saeed Al Marri, said the economy was “seeing accelerated momentum, financed by strong cross-industry and public-private partnerships”.

Read More: British, Russian and Indian buyers lead Dubai Real Estate in Q1 2023

The trade sector was also included on the list, registering 1.2% growth in the first quarter of 2023, increasing value added by Dh25.5 billion. The sector accounted for 22.9% of the economy and contributed 10% of the overall growth recorded in the first quarter of 2023.

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