Dubai’s economy grows 3.8 percent in 2014

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The non-oil divisions’ contribution to the GDP rose, representing 98.7% for every penny

The Dubai Statistics Center (DSC) has said that Dubai’s economy accomplished a development rate of 3.8% for each penny in 2014, reports the UAE-based Al Bayan.

The country’s real gross domestic product (GDP), at consistent costs, remained at AED 338 billion.

H.H. Sheik Ahmed bin Saeed Al Maktoum, the executive of Dubai’s Economic Development Committee, adulates the financial execution of the emirate, crediting this to the economic diversification strategy embraced by the administration of Dubai.

Every single financial activity saw positive advancements in growth rates in 2014, which was evident in the consistent growth of Dubai’s GDP.

His highness also declares that the monetary execution of the emirate affirms the consistent growth of the economy in non-oil areas.

The non-oil sectors’ impact on the GDP increased, representing 98.7% for each penny, he includes, clarifying that non-oil sectors accomplished AED 333.5bn, in contrast to the AED 4.4bn accomplished by the oil sectors.

This affirms that the rebuilding of Dubai’s economy is fundamentally constructed with respect to industrial and service activities, which are the most important contributors to the country’s strength and economic development, Sheikh Ahmed says.

Arif Obaid Al Muhairi, the CEO of DSC, says that numerous financial divisions and exercises gave an extraordinary execution in 2014, in contrast to 2013, pointing out that the transport, stockpiling and communications activities provided 34 percent to the economic growth accomplished.

In addition, the activities accomplished genuine added value that amounted to AED52.5bn, a growth rate of 8.6 percent, according to Al Muhari.

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