World Economy

Dubai Slower in 2017

Dubai Slower  in 2017Dubai Slower  in 2017

Dubai’s economy registered slower growth in 2017, according to official figures, coming in below the government’s official forecast. The emirate’s GDP grew 2.6% to 389 billion dirhams ($105.9 billion) in 2017, according to data released on Saturday by the Dubai Statistics Center, compared with 2.85% the previous year, Reuters reported. The Dubai Economic Department last year forecast growth of 3.2% in 2017, followed by 3.5% in 2018. Wholesale and retail trade—accounting for 26.6% of the emirate’s real GDP—grew by just 0.9% during the year, even as total imports and re-exports grew by 2.2% during 2017. Growth in total imports and re-exports was attributed to a growth in industrial inputs and capital goods, which contributed to the growth of foreign trade by 1.8% and 1.6% respectively, according to the DSC. Transportation and real estate were among the fastest growing sectors of the economy, improving by 7.3% and 4.5% respectively during 2017. The construction sector meanwhile grew by 3.5% during the year. The IMF last week estimated that the UAE’s economy as a whole grew just 0.5% in 2017.


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