The Emirate of Dubai continues to grow at an annual rate of AED 389 billion compared to AED 379 billion in 2016, driven by strategic economic sectors contributing 72.2% to growth in transport and storage, with 18.5 per cent of the total economic growth achieved to outperform the largest activity in the emirate’s economy. Wholesale and retail trade, which contributed 8.3 per cent to the economic growth, defines the real GDP (at constant prices). Added values achieved for all economic activities practiced within the boundaries of the Emirate of Dubai, after removing the effect of price inflation, according to an announcement by the Dubai Statistics Center.
The Dubai Executive Director, Arif Al Muhairi, said that Dubai’s growth in light of regional and global economic challenges underscores the resilience of the emirate’s economy, which is supported by advanced policies and legislation, that enable the business sector to adapt to the various external economic challenges and influences. Contribution to real GDP increased by 26.6 percent to a growth rate of 0.9 percent with an added value of 103.6 billion dirhams, contributing to the total economic growth achieved by 8.3 percent, pointing out that this growth in wholesale and retail trade activity was accompanied by growth in foreign trade as total imports and re-exports grew by 2.2 percent in 2017 compared to 2016.
Al-Muhairi pointed out that growth in total imports and re-exports was a result of the growth in industrial inputs and capital goods which contributed to the growth of foreign trade by 1.8 percentage points and 1.6 percentage points respectively, which confirms the vital role of Dubai in supporting trade between the region and the rest of the World boosting the emirate’s trade sector.