Dubai’s GDP surges to AED389 billion in 2017

DUBAI / WAM

Dubai Statistics Center (DSC) revealed that Dubai’s real gross domestic product (GDP) reached AED 389 billion in 2017 compared to AED 379 billion in 2016.
According to DSC, the growth was fuelled by the performance of strategic sectors that accounted for 72.2% of total growth in 2017. The transportation and storage sector was the biggest contributor to total economic growth at 18.5%, surpassing wholesale and retail trade, traditionally the largest sector in the emirate. The wholesale and retail trade sector’s contribution to growth stood at 8.3%.

TRANSPORTATION
“The transportation and storage sector was the top contributor to the total growth achieved in 2017 with a share of 18.5%. It added a value of AED 46.1 billion compared to AED 44.1 billion in 2016, a growth of 4.5%,” Arif Al Mehairi, Executive Director of the Dubai Statistics Center, said. “Transportation and storage includes all land transportation of individuals and goods, rail transportation, water transport, handling and storage activities, postal activities and air transportation of individuals and goods, in addition to its supporting activities,” he added.
“Air transportation contributes the most to the transportation and storage sector, given its diversified services and support for other sectors,” Al Mehairi said. “Data shows that the two national air carriers Emirates and Fly Dubai account for the largest share of passengers travelling via Dubai airports.”

WHOLESALE AND RETAIL TRADE
“Wholesale and retail trade activity contributed 26.6% of Dubai’s real GDP and grew at a rate of 0.9%.” He added: “This contribution was worth AED 103.6 billion,” Al Mehairi said. “The growth in wholesale and retail trade activity was accompanied by growth in foreign trade. Total imports and re-exports grew by 2.2% in 2017 compared to 2016. Growth in total imports and re-exports can be attributed to a growth in industrial inputs and capital goods, both of which contributed to the growth of foreign trade by 1.8 and 1.6 % respectively.”

REAL ESTATE
Al Mehairi said that real estate sector accounted for 7.1% of Dubai’s real GDP contributing AED 27.6 billion in 2017 comp- ared to AED 25.7 billion in 2016. The sector, which grew 7.3% contributed 17.6% to Dubai’s total growth. The construction sector showed significant improvement compared to previous years, contributing AED 24.5 billion, which represents a growth of 3.5% compared to 2016. The sector had a tremendously positive impact on the economy contributing 6.3% of Dubai’s real GDP and 7.8% of total growth.