Dubai’s economy grew at the pace of 2.8% year-on-year to 111.3 billion dirhams in the first quarter of 2023
Dubai’s economy grew 2.8% year-on-year in the first quarter of 2023 to 111.3 billion dirhams, helped by strong growth in all key sectors, including transport and storage, finance and insurance.
As part of Dubai’s D33 economic program, launched earlier, the emirate aims to become one of the three largest economic cities in the world and double the size of the economy to 32 trillion dirhams over the next 10 years.
The transportation and storage sector outperformed all others, showing significant growth of 10.3% in the first quarter of 2023. Wholesale and retail trade continued to make the largest contribution to the economy, accounting for 22.9% of GDP, followed by the transport sector, which accounted for 14.1%.
The accommodation and catering services sector reported an increase of 5.6%, increasing the cost by approximately 4.5 billion dirhams. This contributed 4.1% to the economy and 8% to the overall recorded growth in the first quarter.
In the first quarter of 2023, the trade sector recorded an increase of 1.2 percent, which brought added value in the amount of 25.5 billion dirhams. This sector accounted for 22.9% of the economy.
“The continued strong growth in the first quarter of this year is further evidence of Dubai’s strong fundamentals, its resilience and resilience, and its ability to continually create new avenues for entrepreneurship and innovation to flourish,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Board.