Dubai's GDP grows 4.6% in first 9 months of 2022

Dubai's GDP recorded 4.6 per cent growth in the first nine months of 2022 to touch AED 307.5 billion, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, said on Monday.

"This exceptional performance is the result of the collective efforts of various entities to make Dubai a global leader across all sectors," Sheikh Hamdan highlighted on Twitter.

Despite the global economic slowdown, he noted that the city's "exceptional growth" is a "testimony to its prudent plans, sustainable policies, and strategic public-private partnerships".

The city's "responsive and efficient economic framework, along with its ability to track and anticipate demand trends" have been contributing factors.

Dubai’s GDP grew 4.6% year-on-year in the first nine months of 2022 to reach AED307.5 billion. This exceptional performance is the result of the collective efforts of various entities to make Dubai a global leader across all sectors. pic.twitter.com/Cd6f8Sy0NX

— Hamdan bin Mohammed (@HamdanMohammed) December 12, 2022

According to the latest economic report by the Dubai Digital Authority’s Dubai Statistics Centre, ‘Wholesale and Retail Trade’ accounted for 24.1 per cent of Dubai’s GDP during the January-September period this year, maintaining its position as the top contributor to the emirate’s economy. It touched a value of AED 74 billion, growing 1.6 per cent compared with the same period in 2021.

In terms of growth, the hospitality and F&B services outperformed all other sectors, with a year-on-year increase of 28 per cent during the year’s first nine months.

Among notable sectoral performances is the remarkable growth in ‘Transport and Storage,’ reaching AED35.8 billion. It marked 26.3 per cent growth, accounting for an impressive 2.5 per cent growth in the emirate’s GDP.  The fact that the sector’s contribution to the overall GDP stood at just 11.6 per cent underscores the dynamism of Dubai’s economy.

In terms of growth, hospitality and F&B outperformed all other economic activities. The Accommodation and Food Services activity reached a value of AED15.8 billion, growing by an exceptional 28 per cent. Meanwhile, Dubai’s real estate activity grew by 2.5 per cent year-on-year during the first nine months of 2022, accounting for a 9.1 per cent share of the emirate’s GDP.

Financial and insurance activities reached a value of AED32.8 billion during the first nine months of 2022, growing by 1.2 per cent compared to 2021. The sector accounted for a 10.7 per cent share of Dubai’s GDP.