Sharjah’s GDP rises by 4.8% in 2021, shows DSCD survey

Official data published by Sharjah’s Department of Statistics and Community Development (DSCD) revealed that the emirate’s gross domestic product (GDP) grew by an annual 4.8 per cent in 2021. With nearly Dhs130.5bn in GDP earnings last year compared to Dhs124.6bn in 2020, the emirate’s economy, particularly the non-oil sectors, showed good growth.

According to DSCD, the indicators of future growth remain positive for a multitude of sectors owing to the emirate’s agile economic diversification policies and practices.

The 2021 GDP growth findings are based on a detailed economic study led by DSCD, which featured a detailed analysis of Sharjah’s macroeconomic data from 2020 and preliminary estimates for the year 2021.

Sheikh Mohammed bin Humaid Al Qasimi, chairman of DSCD, said: “The exceptional growth Sharjah witnessed in 2021 clearly indicates the success of the emirate’s strategies for sustainable growth and development. These are based on diversity of market sectors and incomes, balanced growth, and the strategic distribution of development capital.”

He added: “Sharjah’s economy has proved its agility in adapting to far-reaching local and global changes. The numbers highlight the success of the emirate’s integrative strategies guiding both developmental and economic entities in public and private sectors.

“As Sharjah continues its developmental journey, DSCD reaffirms its commitment to offering stakeholders a robust source of accurate data and information, which reflects current and future socioeconomic realities.”

Best performing sectors

Data shows that the emirate’s trading sector was the most significant contributor to GDP at 23.8 per cent. Transformative industries stood at 17 per cent, construction at 9.3 per cent and real estate at 9.0 per cent, while the government sector contributed to 7.3 per cent in 2021.

As for growth rates of specific economic sectors in 2021 compared to 2020, the study reveals wholesale and retail trade as leading the charts at 10 per cent. Transport and storage sectors registered a 9.5 per cent growth, followed by the accommodation/hospitality and food services at 9.1 per cent.  Extractive industries grew by 9 per cent and health and social services by 7.6 per cent.

Sector-specific contributions include production at Dhs240bn in 2021, compared to Dhs228.8bn in 2020. Workers’ compensation increased to Dhs38.8bn in 2021, compared to Dhs36.9bn in the previous year; and the total value of capital expenditures rose to Dhs33.8bn in 2021, compared to Dhs31.3bn in 2020.