Sharjah's economy shows robust 6.5% growth

Sharjah's Department of Statistics and Community Development (DSCD) has announced substantial growth in the emirate's gross domestic product (GDP) for 2023.

The preliminary estimates show a 6.5 per cent surge, reaching approximately AED 145.2 billion, compared to AED 136.4 billion in 2022.

The figures are based on estimates from a comprehensive economic survey conducted from 2017 to 2023.

Non-oil sectors saw significant uptick, reaching AED 142.5 billion in 2023, up from AED 133.1 billion in 2022, marking a 7.1 per cent increase, reflecting the emirate's economic diversification and investment in alternative sectors.

The "wholesale, retail trade, repair of motor vehicles and motorcycles", "manufacturing" and "construction" sectors collectively contributed AED 72.5 billion, reinforcing Sharjah's status as a leading commercial and industrial hub in the region.

• In 2023, the 'wholesale, retail trade, repair of motor vehicles and motorcycles' sector (AED 34.8 billion) led the emirate's GDP, accounting for a 24% share 
• 'Manufacturing' was the second highest contributor (AED 24.3 billion) to the GDP with 16.7%.
• The 'agriculture, forestry, and fishing' sector recorded the highest growth rate, reaching 19.1%.
• The 'accommodation and food services', 'financial and insurance' and 'electricity, gas, water supply and waste management' sectors  also registered positive growth rates.
• The DSCD said these figures demonstrate the emirate's focus on enhancing competitiveness, improving the investment climate and diversifying its non-oil sectors.