Dubai economy: GDP soars by 3.3% from January to September 2023

Dubai: Dubai experienced a notable economic upswing with a 3.3 percent increase in real Gross Domestic Product (GDP) during the initial nine months of 2023, showcasing the city’s resilience and robust growth trajectory. This achievement is a testament to Dubai’s sustainable development strategies and its continued status as a global economic powerhouse.

Diverse sectors contributed to this growth, underscoring the city’s economic diversification. The accommodation and food services sector saw a remarkable 11.1 percent increase, solidifying Dubai’s position as a global tourism leader. Transportation and storage services surged by 10.9 percent, emphasizing the city’s role as a prominent international logistics hub. The information and communications sector witnessed a 4.4 percent rise, highlighting Dubai’s commitment to embracing cutting-edge technologies.

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, attributed this success to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum and the collaborative efforts of Dubai’s economic stakeholders. The growth aligns with the ambitious goals of the Dubai Economic Agenda D33, aiming to make the city one of the world’s top three urban economies by 2033.

Key sectors contributed to this economic surge. Real estate grew by 4 percent, financial and insurance activities increased by 2.7 percent, and the knowledge economy expanded by 2.6 percent. Dubai’s commitment to innovation, pro-business regulations, and a deep talent pool consistently attracts global investors and entrepreneurs.

Sector-specific growth figures further illustrate the positive trend. Accommodation and food services activities grew by 11.1 percent, transportation and storage expanded by 10.9 percent, and information and communication technology activities rose by 4.4 percent. Real estate activities increased by 4 percent, and the finance and insurance sector grew by 2.7 percent. The education sector saw a 2.6 percent expansion, manufacturing grew by 2.2 percent, and electricity, water, and waste management activities increased by 2.2 percent.

Dubai’s economic performance is viewed as a reflection of effective policies and long-term development strategies. The city aims to strengthen its position as a global economic hub, focusing on innovation, investment, and enterprise to ensure sustained growth in the coming decade. The multifaceted progress across various sectors sets the stage for Dubai’s continued development and future success.

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