Dubai’s economy grew 2.1 percent year-on-year for the first half of 2019, with gross domestic product (GDP), a common measure of the total size of an economy, reaching 208.2 billion dirhams ($56.69 billion), according to official statistics published by the Dubai Statistics Centre (DSC).
The wholesale and retail sector grew 3.3 percent year-on-year and contributed 25.5 percent to the city’s GDP. External trade grew 17.7 percent to 76 billion dirhams, while the transport and storage sector grew 6.2 percent.
With tourism to Dubai on the rise, the hospitality and restaurant sector grew 2.7 percent, contributing 5.1 percent to GDP.
Manufacturing grew 0.3 percent year-on-year, contributing 9.5 percent to Dubai’s GDP, and real estate grew 2.1 percent in the same period, contributing nearly 7.4 percent to total GDP.
Agriculture, electricity, gas, water, waste management, information and communication activities, as well as financial and insurance activity, declined by 1.4 percent, contributing 17 percent to total GDP. Arif Al Muhairi, executive director of the DSC said in a statement that this decline had a slight impact on overall growth.
“The flexibility of Dubai’s economy and its business structure helped the emirate maintain its economic growth, despite the slowdown of the regional and global economy,” said Al Muhairi.
He added that the trade sector posted a real growth of 3.3 percent backed by higher external trade, with higher re-exports (imported goods which are then exported typically following further processing or manufacturing) growing 3 percent to reach 210 billion dirhams in the first half of 2019.