Dubai's GDP soars to 4.9% in 2013 H1

Dubai’s real GDP soared by around 4.9 per cent in the first half of 2013 to record one of its highest semi-annual growth rates and confirm the emirate has fully recovered from the 2008 global fiscal distress, a Dubai official was quoted on Wednesday as saying.

The strong economic performance was fuelled by a surge in trade, industry, hotels and other non-oil sectors, underscoring the emirate’s expanding economic diversity, said Aref Al Muhairi, executive director of the Dubai Statistics Centre.

From Dh161 billion in the first half of 2012, Dubai’s real GDP grew to Dh169 billion in the first half of 2013 and growth covered almost all non-hydrocarbon sectors, he said, quoted by the Arabic language daily Al Bayan.

“This is one of the highest growth rates. It shows that Dubai is the most credible city to host the World Expo and proves that it has achieved massive leaps against the global financial crisis to affirm the strength and solidity of its economy,” he said.

His figures showed restaurants and hotels surged by 13.7 per cent during that period to reach Dh8.9 billion compared with Dh7.8 billion while there was growth of about 4.1 per cent in the trade sector, which contributed by 29.2 per cent of the domestic economy to emerge as the largest component of GDP.

The figures showed growth stood at 13.3 per cent in the manufacturing sector, 4.9 per cent in transport and communications and 3.3 per cent in real estate.

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