The GDP of Dubai has grown by 1.9% compared to the year 2017 adding a value of 398 billion dirhams. The real estate sector, transport and trade activities were the main drivers of this increase. The real estate sector alone accounted for 25 percent of the increase in economic growth. The growth in trade activities accounted for 18 percent of the increase.
The transport and storage industries sectors also performed well occupying 13 percent of the total growth in GDP. The accommodation and food services sector has been a main player in the growth showing a growth of around 4.5 percent in 2018 contributing to 11.5 percent of the total growth which has been driven by the increase in hotel and hotel apartments reservations.
The government encouraged this growth by implementing several stimulus packages which has led to an increase of 2.2 percent in the second half of the year 2018 compared to 1.7 percent in the first half of the year. The economic policies implemented by the government had a strong role in reaching this growth despite the slowdown and uncertainty of the global economy. The government’s spending on infrastructure projects increased and contributed to 14.5 percent increase in the GDP.
The passenger traffic in Dubai’s International Airport has also seen an increase which reached up to 90 million passengers last year. The performance of all economic sectors has improved which proved the flexibility and resilience of Dubai’s economy in withstanding any turbulence. Dubai's economy is diversified and depends fairly on tourism and international business services.
Dubai’s economy is only expected to improve and show more growth in the coming years leading to Dubai World Expo 2020. The estimated boost that will be given to the economy equals to 38 billion dollars or 33 percent of GDP.