Sharjah’s economy shows robust 6.5% growth in 2023, GDP reaches Dhs145.2 billion – Gulf Today

Sharjah’s economy shows robust 6.5% growth in 2023, GDP reaches Dhs145.2 billion – Gulf Today

Picture used for illustrative purposes.

Gulf Today, Staff Reporter

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% surge, reaching approximately Dhs145.2 billion, compared to 136.4 billion in 2022, which marked a 4.9% growth from 2021.

The newly-revealed figures are based on estimates from the comprehensive economic survey conducted from 2017 to 2023, indicating Sharjah's robust economic momentum and competitiveness, bolstering its status among the region's fastest-growing and most diverse economies.

Non-oil sectors also saw significant uptick, reaching Dhs142.5 billion in 2023, up from 133.1 billion in 2022, marking a 7.1% increase, reflecting the emirate's economic diversification and investment in alternative sectors, further enriching the local economic structure.

The ‘wholesale, retail trade, repair of motor vehicles and motorcycles’, ‘manufacturing’, and ‘construction’ sectors collectively contributed Dhs72.5 billion, reinforcing Sharjah's status as a leading commercial and industrial hub in the region.

Wholesale and retail trade sector leads as highest contributor to GDP

In a detailed breakdown of the preliminary GDP components for 2023, the ‘wholesale, retail trade, repair of motor vehicles and motorcycles’ sector was the primary economic driver, accounting for 24% (Dhs 34.8 billion) of