Dubai’s real gross domestic product (GDP) reached AED389bn ($105.9bn) in 2017, up by AED10bn on the previous year, Dubai Statistics Centre (DSC) has revealed.
According to DSC, the transportation and storage sector was the biggest contributor to total economic growth at 18.5%, surpassing wholesale and retail trade, traditionally the largest sector in the emirate, which contributed 8.3%.
Transportation and storage include all land transportation of individuals and goods, rail transportation, water transport, handling and storage activities, postal activities and air transportation of individuals and goods.
Air transportation contributed the most as the two national air carriers - Emirates and flydubai - accounted for the largest share of passengers travelling via Dubai airports.
Real estate accounted for 7.1% of Dubai’s real GDP contributing AED27.6bn in 2017 compared to AED25.7bn in 2016.
The construction sector showed significant improvement compared to previous years, contributing AED24.5bn, which represented a growth of 3.5% compared to 2016. The sector contributed 6.3% of Dubai’s real GDP and 7.8% of total growth.
Arif Al Mehairi, executive director of the Dubai Statistics Centre, stated: “Total imports and re-exports grew by 2.2% in 2017 compared to 2016 ... These figures provide solid evidence for the fact that Dubai plays a dynamic role in supporting trade between the region and the rest of the world. This growing role has boosted the growth of Dubai’s trading sector.”
The figures also showed that manufacturing activity contributed 9.4% of Dubai’s real GDP with a total value of AED36.8bn in 2017, while accommodation and food service activities contributed 4.9% as Dubai emerged as a favourite destination for millions of visitors.
In 2017, the number of visitors to Dubai reached almost 16 million, growing by 6% compared to 2016.
Source: Arabian Business