The economy of Dubai continues to revive robustly. Only in the second quarter of 2013, the emirate registered a 4.7% rise in GDP, reported the Dubai Economic Council (DEC). According to the council, the improvement can be mainly attributed to the city’s retail trade (28%) and industry (16%).
DEC’s latest report, “Dubai Economic Outlook,” informs that Dubai is still rising after the 2008 financial crisis. During the first quarter of 2013, the city’s GDP increased by 4.1%. The upward trend continued in Q2 2013, when Dubai’s GDP rose by 4.7%.
The report explains that this rise is due to the growth in many sectors like finance, trade, transport, construction, real estate, as well as manufacturing. In addition, the city is following successful programs with which it aims to decrease its economic dependence on oil exports. Also, the hydrocarbon sector is predicted to add barely 12% to Dubai’s budget for this year.
The report has found that non-oil industries are starting to take over the emirate’s economy. Dubai’s GDP is mainly powered by the city’s trade sector (28%). It is followed by manufacturing with a GDP share of 16%. The emirate’s transport and financial sector are each holding around 14%. Dubai’s real estate enjoys a 13% share, while its construction – 8%.
Apart from its rising GDP, Dubai registered a decrease in its fiscal deficit. According to the “Dubai Economic Outlook” report, last year, the city’s shortfall amounted to AED1.8 billion. In contrast, in 2013, it has shrunk to AED1.5 billion. Even more impressive is the fact this happened at a period which witnessed a 5.8% expenditure jump.
The decrease in Dubai’s financial deficit is explained by the revenue growth seen in the last few months. The report states that the revenue in the emirate in 2012 was estimated at AED30.6 billion. In just one year, however, it reached AED32.6 billion which is a rise by 7.2%. Interestingly, revenues from the city’s oil sector made up just 12% of that sum or a little under AED4 billion.
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