Sharjah’s GDP will grow by 6.5 percent to $39.5 billion in 2023

The Sharjah Department of Statistics and Community Development has announced a remarkable increase in the emirate’s gross domestic product (GDP) in 2023. Preliminary estimates indicate an increase of 6.5%, reaching approximately AED 145.2 billion ($39.5 billion) compared to 136, AED 4 billion ($37.1 billion) in 2022, an increase of 4.9% compared to 2021.

These figures are based on a comprehensive economic survey conducted between 2017 and 2023, which highlights Sharjah’s solid economic dynamics and competitiveness, cementing its status as one of the fastest-growing and most diversified economies in the region.

Non-oil sectors driving economic diversification

Non-oil sectors also recorded significant growth of 7.1%, reaching AED 142.5 billion ($38.79 billion) in 2023, up from AED 133.1 billion in 2022. This reflects the economic diversification of the emirate and investments in alternative sectors, which further enriches the local economy. Structure. The ‘wholesale, retail, repair of motor vehicles and motorcycles’, ‘manufacturing’ and ‘construction’ sectors contributed a total of AED 72.5 billion ($19.73 billion), strengthening Sharjah’s position as a leading commercial and industrial center.

Sectoral breakdown: Wholesale and retail trade leads to GDP

A deeper analysis of the components of GDP in 2023 shows that the “wholesale, retail and repair of motor vehicles and motorcycles” sector is the main economic driver, accounting for 24 percent (AED 34.8 billion) of total GDP. The “manufacturing” sector contributed 16.7 percent (AED 24.3 billion), which is attributed to its diversified manufacturing base and active contribution to the development of the emirate’s industrial and knowledge economy.

Read more: Emirate of Sharjah’s ‘BBB-/A-3’ ratings confirmed; Stable outlook: Report

The agriculture and fishing sectors record the greatest growth

In particular, the agriculture, forestry and fisheries sector recorded the highest growth at 19.1 percent, illustrating efforts to increase food security and sustainability. The next place was taken by the “accommodation and catering services” industry, with an increase of 17.5%, and the “finance and insurance” industry, which recorded an increase of 12.3%. Solid growth of 7.8%. also noted the “electricity, gas, water supply and waste management” sector.

Positive growth in key sectors

Other sectors such as ‘construction’, ‘manufacturing’ and ‘human health and social work’ recorded positive growth rates of 7.7%, 7.6% and 7.1% respectively. These numbers demonstrate comprehensive growth in non-oil sectors, increasing the diversification of the local economy and supporting the emirate’s continued development, while also increasing resilience to future economic challenges.

The preliminary estimates are based on comprehensive and ongoing economic research results for the period 2017-2023, which covered all independent authorities and the public sector. This approach is in line with globally recognized methodologies and classifications, reflecting economic indicators for activities and sectors in the emirate for 2023.

For more news from the economy, click here Here.