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Dubai’s GDP up 2.9% in 2016

Staff Writer | December 26, 2017
Dubai’s Gross Domestic Product (GDP) registered 2.9% real growth in 2016 according to the Dubai Economic Report 201.
Dubai workers
Emirates   The hospitality industry grew the fastest
The results were driven by industry, transportation and storage, real estate, finance and insurance, wholesale and retail, and tourism.

The most important sectors of the economy account for a combined 77.2% of Dubai’s AED 376.8 billion (USD 102.6 billion) GDP. The only key sector which failed to grow in 2016 was construction. Wholesale and retail account for 27.5% of GDP and 22.4% of jobs in the emirate.

The hospitality industry grew the fastest at 10.6%, followed by real estate at 6.5%, transportation and storage at 4.7%, telecom at 3.6%, the process industries at 3.4% and finance at 1.3%.

This year, 3.2% real growth is expected as the world economy recovers and growth picks up in emerging and developing countries.