Dubai's first-quarter economy expanded 2.8%, continuing 2022's pace

Dubai’s first-quarter economy expanded 2.8%, continuing 2022’s pace

The wholesale and retail trade sector continued to be the largest contributor to the economy, contributing 22.9% of the GDP, followed by the transportation sector, which contributed 14.1%. Additionally, the real estate industry grew by 2.4%, contributing 7.4% to economic growth and 6% to the total growth rate.

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In the first half of 2023, financial and insurance activities generate a 3.2% increase, contributing 12.7% to the GDP and Dh14.2 billion in added value. Following this, the director-general of the Department of Economy and Tourism, Helal Saeed Al Marri, stated that the economy is experiencing “accelerated momentum, supported by robust cross-industry and public-private collaboration.

In addition, the commerce sector is on the list, as its added value increased by Dh25.5 billion during the first quarter of 2023, a growth rate of 1.2%. The sector accounted for 22.9% of the economy and contributed 10% to the aggregate growth recorded in Q1 2023.

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