Dubai Statistics Center (DSC) said on Tuesday that the real GDP at constant prices of the Emirate of Dubai showed a 3.5 percent decline in the first quarter of 2020.
Dubai , Dubai
02 July 2020, 12:00 AM
31 July 2020, 12:00 AM
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.
Citing data from the Dubai statistics centre, the government said key sectors of the Dubai economy continued to maintain their dynamism in the first quarter. Real estate, finance, manufacturing and the government sector retained their growth momentum in Q1 2020.
Arif Al Muhairi, Executive Director of DSC, stated, "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."
Al Muhairi said that trade, transport and storage activities contracted in Q1 2020 compared to Q1 2019. Though trading activity declined by 7.5 percent in the first quarter of the year, it retained its status as the largest contributor to the emirate's economy, accounting for 23 percent of total GDP.
Transport and storage activities declined by 5.5 percent but remained one of the highest contributors to Dubai’s economy accounting for 12.1 percent, placing it just behind the trading sector. While the sector benefited from the significant decline in operating costs, such as aviation fuel cost, the decline was not enough to make up for the dip in revenues.