Dubai’s real GDP grew to Dh169 billion in the first half of 2013 from Dh161 billion in the first half of 2012, and growth covered almost all non-hydrocarbon sectors.
Dubai’s economy is headed for the fastest expansion in six years, with the gross domestic product surging to 4.9 per cent in the first half, buoyed by vibrant growth in trade and tourism, the government’s Statistics Department said on Wednesday.Dubai’s real GDP grew to Dh169 billion in the first half of 2013 from Dh161 billion in the first half of 2012, and growth covered almost all non-hydrocarbon sectors.
With such an accelerated growth rate, Dubai has gained a new momentum to make a further big leap in spite of the festering global financial crisis to underscore its unchallenged eligibility to host World Expo 2020.
According to data provided by the Statistics Department, the restaurants and hotels industry grew 13.7 per cent during that period to reach Dh8.9 billion compared with Dh7.8 billion, while the trade sector, which contributed by 29.2 per cent of the GDP, grew by 4.1 per cent to emerge as the largest component of the economy.
The manufacturing sector recorded a growth of 13.3 per cent, while the transport and communications sector posted 4.9 per cent surge.
The real estate and business services sector, which accounts for about 13 per cent of the GDP, grew 3.3 per cent year-on-year, accelerating from 1.7 per cent growth in all of 2012. The financial sector expanded 2.7 per cent while electricity, gas and water expanded 4.3 per cent.
Hotel occupants rose 11.1 per cent in the first half to 5.6 million people and the number of hotel rooms increased by 4,729 to almost 59,000, the statistics office said.
The value of Dubai’s foreign trade in the first half of 2013 set a new record, reaching Dh679 billion, compared to Dh584 billion in the same period of 2012, showing a growth of 16 per cent.
issacjohn@khaleejtimes.com
No comments :
Post a Comment