Dubai’s economy grew 3.3% in the year to September 2023

Dubai’s economy grew 3.3% in the year to September 2023

23 January 2024, Emirates NBD

Dubai’s GDP growth slowed to 3.3% in the first nine months of 2023 from 4.5% in January-September 2022. Growth in Q3 2023 was 3.5% y/y, only slightly lower than the 3.6% growth recorded in Q3 2022. The fastest growth year-to-September was in the hospitality sector (11.1% y/y), followed by transport and storage (10.9% y/y) and information and communication (4.4%). Real estate services grew 4.0% in the first three quarters of 2023, up from 2.7% in 2022, while the construction sector grew 1.6% over the period, also a marked pickup from 2022. We expect growth to have accelerated in Q4 2023 and estimate overall 2023 GDP growth at around 3.5-4.0% for Dubai.

×

Hello!

Click one of our contacts below to chat on WhatsApp

× How can we help you?