Dubai’s GDP rises 2.8% in Q1 to reach $30 bln
Dubai's GDP rises 2.8% in Q1 to reach $30 bln Reuters
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Dubai’s Economy Grows by 2.8% in Q1
DUBAI, Aug 8 (Reuters) – Dubai’s economy grew by 2.8% in the first quarter, year on year, to hit 111.3 billion dirhams ($30.3 billion), according to official data published on Tuesday, supported by growth in the transportation and storage sector.
The city state, widely regarded as the trade and tourism hub of the Gulf region, launched a 10-year economic plan known as D33 in January aiming to double the size of the economy and make Dubai one of the top four global financial centres in a decade.
Key Sectors Driving Growth
- Transportation and storage grew 10.3% in the first quarter from a year earlier
- The accommodation and food services sector grew 5.6%
Wholesale and retail trade accounts for about 23% of the economy, followed by the transportation sector, which accounts for 14.1%.
Dubai’s economy expanded 4.4% in 2022, boosted by a property boom which has sent prices soaring, and a sharp rebound in travel and tourism after the Covid-19 pandemic.
Positive Impact on Tourism
- International visitor numbers in the six months to June 30 reached 8.55 million
- This surpassed the 8.36 million recorded in the same period in 2019
- Visitor numbers increased by 20% year on year
($1 = 3.6724 UAE dirham)
Sustainable Development Goals (SDGs)
The growth of Dubai’s economy aligns with several Sustainable Development Goals (SDGs) set by the United Nations:
- SDG 8: Decent Work and Economic Growth
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 11: Sustainable Cities and Communities
- SDG 12: Responsible Consumption and Production
- SDG 17: Partnerships for the Goals
Our Standards: The Thomson Reuters Trust Principles.
SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | Target 8.1: Sustain per capita economic growth | Indicator: Dubai’s economy grew by 2.8% in the first quarter |
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.2: Promote inclusive and sustainable industrialization | Indicator: Transportation and storage sector grew by 10.3% in the first quarter |
| SDG 11: Sustainable Cities and Communities | Target 11.4: Strengthen efforts to protect and safeguard cultural and natural heritage | Indicator: Accommodation and food services sector grew by 5.6% in the first quarter |
| SDG 8: Decent Work and Economic Growth | Target 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation | Indicator: Wholesale and retail trade accounts for about 23% of the economy, transportation sector accounts for 14.1% of the economy |
| SDG 8: Decent Work and Economic Growth | Target 8.10: Strengthen the capacity of domestic financial institutions | Indicator: Dubai aims to become one of the top four global financial centers in a decade |
| SDG 8: Decent Work and Economic Growth | Target 8.9: Devise and implement policies to promote sustainable tourism | Indicator: International visitor numbers in the six months to June 30 reached 8.55 million, surpassing pre-pandemic levels |
Analysis
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 8: Decent Work and Economic Growth
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 11: Sustainable Cities and Communities
2. What specific targets under those SDGs can be identified based on the article’s content?
- Target 8.1: Sustain per capita economic growth
- Target 9.2: Promote inclusive and sustainable industrialization
- Target 11.4: Strengthen efforts to protect and safeguard cultural and natural heritage
- Target 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation
- Target 8.10: Strengthen the capacity of domestic financial institutions
- Target 8.9: Devise and implement policies to promote sustainable tourism
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Indicator: Dubai’s economy grew by 2.8% in the first quarter (Target 8.1)
- Indicator: Transportation and storage sector grew by 10.3% in the first quarter (Target 9.2)
- Indicator: Accommodation and food services sector grew by 5.6% in the first quarter (Target 11.4)
- Indicator: Wholesale and retail trade accounts for about 23% of the economy, transportation sector accounts for 14.1% of the economy (Target 8.2)
- Indicator: Dubai aims to become one of the top four global financial centers in a decade (Target 8.10)
- Indicator: International visitor numbers in the six months to June 30 reached 8.55 million, surpassing pre-pandemic levels (Target 8.9)
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Source: reuters.com
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