Wholesale and retail main drivers of growth, construction and real estate still muted
Dubai's economy grew 2.5 percent in the first nine months of
2010, compared with the same period of 2009, the head of the Gulf emirate's
statistics office was quoted as saying on Sunday.
Dubai's debt woes, prompted by the collapse of its property
sector, weighed on economic performance across the UAE in 2010 as many of the
region's banks were exposed to state-owned property firms that ran into
But rising trade flows helped fuel economic recovery.
Arif Obaid al-Muhairi, Executive Director at the Dubai
Statistics Center, said that wholesale and retail sectors were the main growth
drivers, the agency’s website showed
He did not say whether the gross domestic product increase
was in real or nominal terms.
Last October, Muhairi forecast Dubai's GDP growth at 2.3
percent for 2010, well above a 0.5 percent forecast by the International
The economy of the emirate, which accounts for some 80
percent of the UAE non-oil trade, expanded 5.7 percent in real terms in 2008.
Official 2009 GDP data for Dubai are not available, although the IMF estimated
a 0.9 percent contraction.
Muhairi said on Sunday that transport, storage and
telecommunications were the second largest sectors in terms of 2010 growth, up
an average of 10 percent in the same period.
The Dubai economy -- which accounts for almost a third of
the seven-member UAE federation -- saw a slight drop in construction and real
estate sectors, while the average jobless rate stood at 0.6 percent, he said.
Concerns about Dubai's total liabilities, estimated at
around $115bn or some 123 percent of GDP, have eased after state-owned Dubai
World sealed a deal last September to restructure almost $25bn of debt.
But worries still persist about the ability of Dubai and its
companies to repay bonds and loans worth billions of dollars in the next four
years as the emirate lacks the oil wealth of neighbouring Abu Dhabi.
I don't remember seeing GDP figures for 2009 announced, yet 2010 are?
Stories such as this would be a lot more beneficial if the information was coming from internationally recognised institutions (i.e. one of the big four) rather than statistics released by the government itself.
GDP numbers are more meaning full then they are shared on real time basis. Announcing a Jan 10 to Sep 10 Figure in Feb 2011 does not carry weight.
UAE should centralize all the stats department and should at regular interval announce all relevant information. Should include important data like GDP, Inflation, Immigration, Labour, Trade data like imports/exports.
Instead of -15% its -12.5% growth(decline) in GDP.
I kind of agree with the official statistics