Dubai economy grew 2.1% in first half of 2019

Dubai’s economy expanded 2.1 per cent in the first half, driven by growth in transport and storage.

Total gross domestic product reached Dhs208.2bn ($56.7bn) during the first six months of this year, at constant prices compared to the same period last year, according to the Emirate’s Media Office citing the Dubai Statistics Center.

Trade hit a real growth rate of 3.3 per cent in light of the increase in foreign trade exchange and the increase of re-exports by 3 per cent to reach Dhs210bn, Arif al-Muhairi, director of Dubai Statistics Center, said.

Figures released last week showed GDP slowed to 1.9 per cent in 2018, from 3.1 per cent the previous year. A property glut and faltering demand have dragged the Middle East’s commercial hub since real estate prices peaked in 2014.

Notable data from Sunday’s report included a 6.2 per cent rise in the crucial transport and storage sector and 2.7 per cent growth in the hospitality and restaurant industry, which accounts for 5.1 per cent of GDP. Total visitors to the emirate in the first half reached 8.4 million, a 3.2 per cent increase.