Dubai’s GDP grows by real 4.1% in 2015

By bne IntelliNews May 11, 2016

Dubai’s economy expanded by a real 4.1% to AED367bn ($100bn) in 2015, buoyed by rebounding activity across all sectors amid strong public spending, project finance, property development and trade and services sector, according to data from the statistic office.

Dubai’s real GDP is expected to put on above average growth rates till Expo 2020 driven by government spending. The IMF anticipates an average growth rate of 5.5% between 2014 and 2019, accelerating in the year of the event to 8.0%.

The non-financial corporations sector grew 4.1% last year to a nominal AED332bn (90% of the GDP), underpinned by manufacturing (up 3.4%), electricity, gas and water (up 5.7%) and wholesale and retail trade (up 4%). The latter accounted for AED106bn, accounting for 29% of Dubai’s total output in 2015.

The hotels and restaurants sector expanded 8% y/y to a nominal AED20.6bn over the period, amid strong tourist influx and soaring expats demand.

The transport and logistics sector also grew 5.0% y/y last year amid strong local and foreign investor sentiment about the emirate’s medium term outlook.

As to the property sector, it grew 4.4% y/y to AED55bn in 2015.

The financial sector expanded 4.2% last year to a nominal AED43bn while the government services sector rose 4.3%.

Related Articles

UAE to buy major stakes in Kazakh special economic zones

The United Arab Emirates’ (UAE’s) global port operator Dubai Ports World on March 24 signed two framework agreements to acquire stakes in Kazakhstan’s two Special Economic ... more

Survival of Iran nuclear deal appears far less likely under US Secretary of State Mike Pompeo

The odds on the Trump administration attempting to kill the Iran nuclear deal substantially shortened on March 13 with the firing-by-tweet of US Secretary of State Rex Tillerson and his replacement ... more

Billion-dollar petrochemical facility to be built in Turkey by Algeria's Sonatrach

Algerian national energy company Sonatrach has struck a deal with Turkey's Ronesans and Bayegan to build a petrochemical plant worth $1bn in Turkey, Turkish President Recep Tayyip Erdogan said on ... more