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The report Dubai Economic Outlook (DEO), Quarter 2/ 2013 issued by the Secretariat General of the Dubai Economic Council (DEC) indicated second quarter growth is better than in the first quarter of the year.
The report estimated the growth rate of real gross domestic product (GDP) to Dubai in the second quarter of 2013 by 4.7 per cent compared to the corresponding 2012 quarter. The growth was due to four sectors: wholesale and retail, transportation, manufacturing, and real estate.
Lower budget deficit
The public budget deficit decreased from Dh1.8 billion in 2012 to Dh1.5 billion in 2013 as a result of higher revenues by about 7.2 per cent from about Dh30.4 billion to Dh32.6 billion, increased government expenditure by about 5.8 per cent from Dh32.3 billion to Dh34.1 billion between 2012-2013. As a percentage of GDP, the budget deficit has dropped from about 0.6 per cent in 2012 to less than 0.05 per cent.