Dubai's gross domestic product (GDP) grew by 3.2% in the first quarter of 2024 compared to the same period last year, adding over AED 115 billion ($31.3 billion) to the economy. This growth mirrors the success story of 2023.
The transportation and storage sector recorded a growth of 5.6%, contributing AED 15.4 billion to the GDP, making up 13.4% of the emirate's economy.
This sector also saw a 5.6% growth, reaching AED 15.1 billion compared to AED 14.3 billion in Q1 2023, contributing 13.1% to the total economy.
Maintaining its lead in GDP contribution at 22.9%, the trade sector achieved a growth rate of 3%, with a value of AED 26.3 billion, up from AED 25.5 billion in the same period last year.
This sector posted a growth of 3.9%, reaching AED 5.1 billion, and contributing 4.4% to the emirate's GDP.
"Dubai’s ambition is limitless, and its success story will remain a role model for cities aiming to create a promising future for their coming generations. Our goal is to sustain success and establish a culture of excellence and leadership across all sectors in the emirate to preserve these gains and move towards new horizons of excellence,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai.
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