Dubai’s GDP grows 2.8% in Q1 2023 to reach Dhs111.3bn

Dubai’s GDP grows 2.8% in Q1 2023 to reach Dhs111.3bn

Image credit: Getty Images / WAM

Dubai’s real gross domestic product (GDP) grew 2.8 per cent year-on-year in the first quarter of the year to reach Dhs111.3bn surpassing average global growth rates for Q1 2023, state news agency WAM has reported.

The surge sustains the strong momentum that Dubai’s economy achieved in 2022, with a expansion of 4.4 per cent.

Dubai’s growth in the first quarter of 2023 significantly outpaced the growth rates of some of the most developed nations worldwide.

According to data provided by the Organisation for Economic Cooperation and Development (OECD), these advanced economies demonstrated a seasonally adjusted growth of 1.6 per cent. Comparatively, the European Union displayed a growth of 1.1 per cent, while the US economy expanded by 1.8 per cent in the same period.

Key drivers of growth

The transportation and storage sector contributed 48 per cent to the overall expansion, bringing Dhs15.6bn in added value. It included activities related to land transport for individuals and goods, maritime transport, handling and storage, postal services, air transport for individuals and goods and related supporting activities.

Following closely was the financial and insurance sector, accounting for 15 per cent and trade, making up 10 per cent of the growth, according to data