Dubai’s real gross domestic product (GDP) reached AED389 billion ($105.9 billion) in 2017, up by AED10 billion on the previous year, Dubai Statistics Centre (DSC) has revealed.
According to DSC, the transportation and storage sector was the biggest contributor to total economic growth at 18.5 percent, surpassing wholesale and retail trade, traditionally the largest sector in the emirate, which contributed 8.3 percent.
Transportation and storage includes all land transportation of individuals and goods, rail transportation, water transport, handling and storage activities, postal activities and air transportation of individuals and goods.
Air transportation contributed the most as the two national air carriers - Emirates and flydubai - accounted for the largest share of passengers travelling via Dubai airports.
Real estate accounted for 7.1 percent of Dubai’s real GDP contributing AED27.6 billion in 2017 compared to AED25.7 billion in 2016.
The construction sector showed significant improvement compared to previous years, contributing AED24.5 billion, which represented a growth of 3.5 percent compared to 2016. The sector contributed 6.3 percent of Dubai’s real GDP and 7.8 percent of total growth.
Arif Al Mehairi, executive director of the Dubai Statistics Centre, stated: “Total imports and re-exports grew by 2.2 percent in 2017 compared to 2016... These figures provide solid evidence for the fact that Dubai plays a dynamic role in supporting trade between the region and the rest of the world. This growing role has boosted the growth of Dubai’s trading sector.”
The figures also showed that manufacturing activity contributed 9.4 percent of Dubai’s real GDP with a total value of AED36.8 billion in 2017 while accommodation and food service activities contributed 4.9 percent as Dubai emerged as a favourite destination for millions of visitors.
In 2017, the number of visitors to Dubai reached almost 16 million, growing by 6 percent compared to 2016.
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