(Bloomberg) — Dubai’s economy expanded 2.1% in the first half, driven by growth in transport and storage.
Total gross domestic product reached 208.2 billion dirham ($56.7 billion) 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% in light of the increase in foreign trade exchange and the increase of re-exports by 3% to reach 210 billion dirham, Arif al-Muhairi, director of Dubai Statistics Center, said.
Figures released last week showed GDP slowed to 1.9% in 2018, from 3.1% 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% rise in the crucial transport and storage sector and 2.7% growth in the hospitality and restaurant industry, which accounts for 5.1% of GDP. Total visitors to the emirate in the first half reached 8.4 million, a 3.2% increase.