Dubai’s GDP grew 3.3% in 2Q 2024

Dubai saw its GDP expand 3.3% y-o-y to AED 116 bn in 2Q 2024, according to the Dubai Media Office. On a 1H basis, Dubai’s economy grew 3.2% y-o-y to AED 231 bn. The emirate’s GDP expanded 3.2% y-o-y to over AED 115 bn in 1Q 2024, with trade, transport, financial activities, real estate, and manufacturing collectively accounting for some 64% of total economic growth.

The biggest contributors:

• The wholesale and retail sector was the top contributor to GDP, accounting for 24.7% of GDP and growing 2.2%;
• The transport and storage sector came in second, accounting for 13.6% of GDP and growing 7.8%;
• The manufacturing sector grew 2.5% y-o-y to account for 9.1% of GDP;
• The financial and ins. sector climbed 4.6% y-o-y, contributing 11.3% to GDP;
• Real estate grew 2.6% y-o-y to account for 8.7% of GDP.

Other sectors logging growth: Information and communication activities expanded by 5.6% y-o-y, contributing 4.4% of GDP, while accommodation and food services rose by 4.7% y-o-y. Electricity, gas, water, and waste management increased by 2.9% y-o-y, making up 3.4% to GDP. Construction grew 1.8% y-o-y.