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AED355bn Dubai output expected in 2015

Banking sector expected to achieve highest growth rate in the earnings index of the emirate’s banks

Dubai’s economy is headed towards achieving balanced growth in GDP by between three per cent and 3.5 per cent by the end of 2015, to reach between AED348 billion and AED355bn compared with AED338bn last year, according to IMF and other institutions’ estimates.

Business Monitor Corporation predicts the growth rate this year will reach four per cent based on the facts and indicators for the performance of critical sectors during the current year, in addition to the economic data released by the governmental institutions responsible for these sectors, Al Bayan reports.

It is expected that the tourism sector has been growing at roughly nine per cent and Dubai’s tourists number more than 14.2 million compared with 13.2m last year, according to government officials’ forecasts.

Meanwhile, Dubai Airports forecast the number of passengers through Dubai Airport will go up to 80m passengers at the end of this year – a growth of 11 per cent compared to 2014.

It is also expected that the contribution of private and public sectors to Dubai’s GDP will reach AED87bn, compared with AED80bn in 2014. It is expected that the banking sector will achieve the highest growth rate of roughly 15 per cent in the earnings index of Dubai banks.

For its part, Dubai Customs expects that Dubai’s total foreign trade volume up to AED1.398 trillion by the end of this year, compared with AED1.33trn in 2014 by a growth of five per cent. The trade sector is the highest contributor to the emirate’s GDP.