São Paulo – The economy of Dubai expanded 2.1% year-on-year in H1 2019, driven by a 6.2% growth in transport and storage. The Gross Domestic Product (GDP) reached AED 208.2 billion (USD 56.7 billion) in constant prices during H1 2019, according to the Dubai Statistics Center.
Trade hit a real growth rate of 3.3% due to the increase in foreign trade exchange and the increase of re-exports by 3% to reach AED 210 billion (USD 57.2 billion), said Dubai Statistics Center director Arif al-Muhairi.
Figures released last week showed GDP slowed to 1.9% in 2018, from 3.1% in 2017. A property glut and faltering demand have dragged the emirate since real estate prices peaked in 2014.
Data from Sunday’s report included a 2.7% growth in the hospitality and restaurant industry, which accounts for 5.1% of GDP. Total visitors to the emirate in H1 reached 8.4 million, up 3.2%.
Information is from the newspaper Gulf Business’website.
Translated by Guilherme Miranda
