Dubai economy grew 2.1% in first half of 2019

Downtown Dubai (Image courtesy: Pixabay)

(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.

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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.

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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.