Economy Dubai GDP grows 3.3% in Q2 as major sectors record gains By Pramod Kumar November 11, 2024, 11:05 AM WAM The second quarter performance was largely in line with the first quarter, bringing Dubai’s GDP to AED231 billion in H1 2024 Dubai Q2 GDP hits AED116 bn Transport up almost 8% Retail sector worth AED28bn Dubai’s economy grew by 3.3 percent year on year to AED116 billion ($31.58 billion) in the second quarter of 2024, driven by growth across major sectors. The transportation and storage sector expanded 7.8 percent in the second quarter compared with Q2 2023, contributing 13.6 percent to Dubai’s GDP and 31.3 percent to overall growth. The information and communication sector recorded a growth of 5.6 percent year on year. The accommodation and food service activities sector reported a rise by 4.7 percent annually. The second quarter performance was largely in line with the first quarter, bringing Dubai’s GDP to AED231 billion in H1 2024, reflecting a 3.2 percent year-on-year increase driven by gains across most sectors. The manufacturing sector rose 2.5 percent year on year, bringing its total value to AED10.6 billion. The transportation and storage sector achieved a total value of AED15.85 billion in Q2. Air transport reported increased demand for services from national carriers, with passenger numbers rising by 4.5 percent in the second quarter year on year. The financial and insurance sector expanded by 4.6 percent year on year to AED13.16 billion. The wholesale and retail sector led in value, reaching AED28.68 billion, growing 2.2 percent year on year and contributing 24.7 percent to GDP. The real estate sector rose 2.6 percent year on year in the second quarter, accounting for 8.7 percent of the emirate’s GDP, totaling AED10.15 billion. According to data from the Dubai Land Department, real estate sales increased by 38 percent year on year. Buoyant property market puts billions in Dubai’s coffers Dubai undertakes study for trackless tram Saudi Arabia’s deficit rises again as oil output cuts bite The construction sector grew by 1.8 percent, while other sectors recorded a growth of 0.8 percent. Helal Saeed Almarri, director general of the Dubai Department of Economy and Tourism, said the H1 2024 growth has been fuelled particularly by sectors — logistics, technology, and tourism — that are at the core of the Dubai Economic Agenda D33. The D33 strategy is consolidating Dubai’s position as a global economic leader and attracting investment, he said.
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