Dubai’s GDP up 4.4% in 2012

Dubai’s economy maintained its strong recovery and swelled by 4.4 per cent in 2012, the highest real GDP growth since 2009, official data showed on Tuesday.

The fourth quarter was the star performer through the year, with the real GDP soaring by nearly 5.3 per cent year-on-year, one of the highest growth rates in many years.

From around Dh304.9 billion in 2011, the emirate’s real GDP grew to Dh318.4 billion in 2012 and the figures showed all non-oil sectors recorded high growth.

“Growth last year was the highest since 2009…the fourth quarter recorded the highest growth rate in 2012, with GDP rising by 5.3 per cent,” said Arif Al Muhairi, executive director of Dubai’s state statistics bureau.

“This means the emirate’s GDP is heading for higher growth in the coming years and shows the economy has recovered,” he told Albayan Arabic language daily.

He said high growth last year was coupled with a surge of nearly 47 per cent in Dubai’s non-hydrocarbon exports to Dh163 billion.

Imports by the Gulf’s commercial and business hub also grew by around 12 per cent to a record high of Dh737 billion, his figures showed.

A breakdown showed non-oil GDP grew by around 5.5 per cent in 2012, with the transport and communications sector soaring by nearly 7.5 per cent. Growth stood at 6.5 per cent in the construction sector, 6.1 per cent in real estate and about 1.4 per cent in the other non-hydrocarbon sectors.

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