Dubai’s 'strong management' of Covid-19 helped to limit the hit to its economy as several countries registered a steeper drop in growth, according to Dubai Statistics center.
Dubai , Dubai
02 July 2020, 12:00 AM
31 July 2020, 12:00 AM
The impact of the current worldwide crisis on Dubai in the first quarter of the year was less compared to some of the world's major economies, Dubai statistics centre said in a statement announcing GDP figures.
Dubai's GDP contracted 3.5 per cent in the first quarter of 2020, compared to growth of 2.2 per cent last year, the statistics centre said. By comparison, GDP in the eurozone economies fell 3.8 per cent in the first quarter, and in the US the decline was 5 per cent, according to Commerce Department figures published last week.
"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,” Arif Al Muhairi, executive director of DSC, said.
However, Mr Al Muhairi said that the emirate had “successfully managed the global crisis and reduced its impact when contrasted with other economies”.