Dubai’s GDP up 2.9% in 2016Staff Writer | December 26, 2017
Dubai’s Gross Domestic Product (GDP) registered 2.9% real growth in 2016 according to the Dubai Economic Report 201.
Emirates The hospitality industry grew the fastest
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. ■