Real gross domestic product climbed to $30.3 billion
Dubai’s economy grew an annual 2.8 per cent in the first quarter of the year to Dh111.3 billion ($30.3 billion), extending the "robust momentum of growth" achieved in 2022, when the emirate expanded by 4.4 per cent.
Dubai's growth outpaces the seasonally adjusted growth output of 1.6 per cent for Organisation for Economic Cooperation and Development countries. The European Union grew by 1.1 per cent in the first quarter, while the US economy grew by 1.8 per cent.
“The continued high growth in the first quarter of the year is yet another testament to Dubai’s strong fundamentals, sustainability and resilience and its capacity to constantly create fresh pathways for enterprise and innovation to flourish," said Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of The Executive Council.
"Supported by its outstanding investment environment, robust infrastructure and business-enabling ecosystem, Dubai continues to outpace some of the world’s leading economies."
The introduction of Dubai Economic Agenda D33, that aims to double the size of the emirate's economy over the coming decade, “has created a strategic springboard to usher in a new cycle of growth and value creation" Sheikh Hamdan said.
Dubai's trade sector grew 1.2 per cent in the first quarter from the same period in 2022, injecting Dh25.5 billion into the economy. It accounted for 22.9 per cent of economic output, the Dubai Government's media office said in a statement citing data from the Dubai Data and Statistics Establishment of the Dubai Digital Authority.
The emirate's transportation and storage sector outperformed all other sectors, expanding 10.3 per cent in the first quarter, from the same period last year, contributing Dh15.6 billion into the economy and accounting for 14.1 per cent of output.
The transportation and storage sector included activities related to land transport for individuals and goods, maritime transport, handling and storage, postal services, air transport for individuals and goods, and related supporting activities.
Dubai's financial and insurance activities grew by 3.2 per cent in the first quarter, accounting for about 13 per cent of gross domestic product and adding Dh14.2 billion to the economy.
The emirate's accommodation and food services grew 5.6 per cent in the first three months of the year, adding Dh4.5 billion to the economy, as Dubai welcomed 4.67 million international visitors, an 18 per cent increase over the same period in 2022.
“We continue to see accelerated momentum across both core sectors and new growth segments for the economy, which is being further reinforced by strong cross-industry and public-private collaboration," said Helal Al Marri, director general of Dubai’s Department of Economy and Tourism.
Comprehensive strategies centred around economic diversification, entrepreneurship and the attraction of both talent and investment across sectors are helping spur growth and anchor the momentum of the economy, he said.
"This economic framework will continue to serve as a key lever for D33 as we seek to bolster Dubai’s offering as a top three global city, and the best place to invest, live, work and visit,” Mr Al Marri said.
Real estate activities grew 2.4 per cent, driven by an uptick in property sales with the sector contributing 7.4 per cent to the economy.
Source: thenationalnews.com