São Paulo – Accommodation and food services contributed AED 32.5 billion (USD 8.85 billion) to the 2018’s Gross Domestic Product (GDP) in the United Arab Emirates, up 4.2% year-on-year, according to the Federal Competitiveness and Statistics Authority (FCSA). The information is from the Emirates News Agency (WAM). Pictured above is a Syrian restaurant by the Dubai Marina.
The sectors’ contribution to the non-oil GDP amounted to 6.8% in 2018, maintaining the high momentum it has created over the past years, driven by the growth saw in the country’s tourist infrastructure. According to the FCSA’s figures, the accommodation and food services’ contribution spiked from AED 28.5 billion (USD 7.76 billion) in 2016 to AED 31.2 billion (USD 8.49 billion) in 2017, before hitting AED 32.5 billion (USD 8.85 billion) last year.
The overall improvement in economic performance is driven by the diversification policy adopted by the UAE government over the past years and the gains made by the manufacturing activities along with the growth in knowledge-based industries, including aviation, space, transportation, logistics, FinTech, renewable energy, tourism, and others.
Translated by Guilherme Miranda
