Dubai's GDP records growth of 3.3%

GDP growth in 2023: The gross domestic product (GDP) of Dubai experienced a growth of 3.3 per cent during the period from January to September 2023, as revealed by data released by the state news agency WAM.

Over this nine-month span, specific sectors contributed significantly to the overall economic expansion. Accommodation and food services saw a notable growth of 11.1 per cent, underscoring the resilience of Dubai's hospitality industry.

Growth across sectors

Along with this, the transportation and storage services sector recorded an increase of 10.9 per cent, indicating a positive trend in logistics and related services. Furthermore, the information and communications sector exhibited growth at a rate of 4.4 per cent during the same period.

Dubai, a prominent trade and tourism hub in the Gulf region, had initiated an ambitious 10-year economic plan known as D33 in January of the preceding year. The strategic objective of this plan is to propel Dubai's economy to double its size and secure a position among the top four global financial centres within the next decade.

The recent GDP growth aligns with the broader economic vision outlined in the D33 plan, reflecting positive strides towards achieving its ambitious goals.

(with Reuters inputs)