Dubai’s economy expands 2.1% in first half of 2019

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Dubai economy accelerated an annual 2.1 per cent in the first half of the year, on rise in transportation and storage, according to data published by the Dubai Statistics Centre.

The emirate’s gross domestic product at constant prices reached Dh208 billion in the first six months of the year, as transportation and storage expanded 6.2 per cent, the centre said.

Trade grew 3.3 per cent on the back of higher external trade and re-exports, which grew 3 per cent in the first half.

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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.

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