#Dubai's GDP rises 2.8% in Q1 to reach $30 bln | Reuters

Dubai's GDP rises 2.8% in Q1 to reach $30 bln | Reuters

Dubai's economy grew by 2.8% in the first quarter, year on year, to hit 111.3 billion dirhams ($30.3 billion), according to official data published on Tuesday, supported by growth in the transportation and storage sector.

The city state, widely regarded as the trade and tourism hub of the Gulf region, launched a 10-year economic plan known as D33 in January aiming to double the size of the economy and make Dubai one of the top four global financial centres in a decade.

Transportation and storage grew 10.3% in the first quarter from a year earlier, while the accommodation and food services sector grew 5.6%, according to data from the Dubai Digital Authority, posted on state news agency WAM.

Wholesale and retail trade accounts for about 23% of the economy, followed by the transportation sector, which accounts for 14.1%.

Dubai's economy expanded 4.4% in 2022, boosted by a property boom which has sent prices soaring, and a sharp rebound in travel and tourism after the Covid-19 pandemic.

International visitor numbers in the six months to June 30 reached 8.55 million, surpassing the 8.36 million recorded in the same period in 2019, before the pandemic, and up 20% year on year, according to government data released on Aug. 6.