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%.
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