Dubai?s economy up 4.2% in Q1

Dubai?s economy maintained its growth and expanded by 4.2 per cent in the first quarter of 2014, with all non-oil sectors recording an increase.

The emirate?s real GDP increased to around Dh84.6 billion in the first quarter of 2014 from Dh81.3 billion in the first quarter of 2013, said Aref Obaid Al Muhairi, executive director of the Dubai Statistics Centre.

?Growth affected all sectors?the continued growth in Dubai is a result of the prudent policies and initiatives adopted by the government to expand the domestic productive base, mainly growth-oriented sectors like trade, tourism, logistics and financial services”.

His figures showed light industries grew by 6.8 per cent and contributed 13.5 per cent to the Emirate?s GDP. Growth stood at 5.2 per cent in transport, storage and communications, 5.1 per cent in real estate and business services, 4.1 per cent in retail and wholesale trade, the largest component of GDP with a share of 27.4 per cent.

The figures showed hotels and restaurants expanded by 3.9 per cent while the financial sector grew by nearly 1.2 per cent in the same period.