#Dubai's economy shrank by 3.5% year-on-year in first-quarter amid coronavirus crisis - Reuters

Dubai's economy shrank by 3.5% year-on-year in first-quarter amid coronavirus crisis - Reuters:

Dubai’s real gross domestic product shrank by 3.5% year-on-year in the first quarter, the government’s media office said in a statement on Tuesday, as the Middle East’s business and tourism hub feels the impact of the coronavirus crisis.

Citing data from the emirate’s statistics centre, the government said some sectors such as real estate and finance had however kept momentum despite the pandemic. 


“Dubai’s economy witnessed healthy levels of growth in 2019. It was expected that in the first quarter of 2020, the economy will experience a decline due to the global impact of the COVID-19 pandemic,” said Arif Al Muhairi, executive director of Dubai Statistics Center.