(Dubai) – Dubai’s economy expanded 4.6 per cent year on year in 2013, up from 4.1 per cent in 2012 according to Dubai Statistics Centre (DSC). The DSC report showed that the fastest growing sector in Dubai last year was once again hospitality, which recorded 13 per cent growth, the third consecutive year of double-digit growth in this sector.
This was followed by manufacturing sector which grew 8.1 per cent year on year, social and personal services with 6.8 per cent growth and transport, storage and communication that grew 5.6 per cent.
“Although the official growth rate for Dubai was largely in line with our long-standing forecast of 4.5 per cent, recently released 2013 GDP data for Abu Dhabi (5.2 per cent) and the whole of U.A.E. (also at 5.2 per cent), published by Statistics Centre Abu Dhabi and the National Bureau of Statistics respectively, implied that Dubai’s growth should have been of a similar magnitude,” said Khatija Haque, Head of MENA Research at Emirates NBD.
Dubai accounts for approximately 30 per cent of the U.A.E.’s GDP. As expected, the construction sector expanded for the first time since 2008, albeit marginally, at just 1.3 per cent year on year.