The economy of the emirate of Dubai expanded by 3.9 per cent in the first quarter of the current year as gross domestic product picked up by AED3.3 billion to total AED88.7bn at fixed prices.
Wholesale and retail trade continues to be the largest sector in terms of contribution to the emirate’s economy, accounting for 26.9 per cent or AED23.9bn of the emirate’s GDP, says Arif Obaid Al Muhairi, executive director of the Dubai Statistics Centre.
Wholesale and retail trade grew three per cent compared with the same period last year, pushing overall economic growth by 0.8 per cent, Al Muhairi adds.
Logistics activities and services played a major role in expanding the emirate’s economic growth.
Al Muhairi notes that the transport, storage and communications sector expanded by 5.7 per cent, posting an added value of AED14.2bn, Al-Bayan reports.
The hospitality sector grew by 9.2 per cent, while the manufacturing industry delivered a growth of 4.1 per cent, adding AED11.9bn to the emirate’s GDP.
Furthermore, the real estate and business services sector accounted for 13.9 per cent or AED12.4bn of the total value of GDP after it picked up by 4.4 per cent, the official indicates.