Dubai Economic Update
Dubai Economic Update
■
Highlights
2011 GDP growth for Dubai is estimated at 3.5% vs. 2.8% in 2010
Lowered GDP growth forecast for Dubai in 2012 to 2.5% in the context of
global developments
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UAE is a global and regional trade hub, and non-oil trade is a key contributor
to growth; transport, storage & communication, accounted for almost 9% of the
UAE's GDP in 2010
Slower economic growth in China and India are a bigger concern than
recession in Europe, as these two Asian countries alone account for almost
20% of the total volume of UAE's non-oil trade
y-o-y Growth %
4
3.3
3
2
+
Dubai: GDP growth set to decelerate
3.5
2.8
2.5
-2
-3
-2.5
2008
2009
Source: Dubai Statistics Centre, Emirates NBD Research
2010
2011f
2012f
Contribution by sector to GDP growth
Dubai GDP by Sector - 2010 (%)
100% = AED 293.6 billion
4.0%
3.2%
3.0%
2.2%
2.0%
1.1%
Others
0.8%
8%
1.0%
0.4%
0.4%
0.2%
Financial
Trade &
Services
0.0%
11%
Repairing
-0.1%
Services
-1.0%
-0.3%
1.7%
1.3%
1.2%
0.9% 0.7%
1.2%
0.5%
0.4%
0.3%
0.3%
-0.1%
-0.4%
30%
Manufact
-2.0%
uring
-1.7%
-1.6%
13%
-3.0%
Transport
Real
&
-4.0%
Estate
Comms
2008
14% Construct
14%
ion
10%
-2.4%
-2.7%
-3.5%
2009
Trade & Repairing Services
Transport & Comms
Manufacturing
Financial Services
■Government Services
■Others
2010
Real Estate
■Construction
Total
Source: Dubai Statistics Centre, NBS
Emirates NBD
2.4%
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