Sharjah’s economy shows solid growth of 6.5% – ARN News Center

The Sharjah Department of Statistics and Community Development (DSCD) has announced a significant 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 compared to AED 136.4 billion in 2022.

The data is based on estimates from the Comprehensive Economic Survey conducted between 2017 and 2023.

Non-oil sectors recorded significant growth, reaching AED 142.5 billion in 2023, up from AED 133.1 billion in 2022, an increase of 7.1%, reflecting the emirate’s economic diversification and investment in alternative sectors .

The ‘wholesale, retail, repair of motor vehicles and motorcycles’, ‘manufacturing’ and ‘construction’ sectors contributed a total of AED 72.5 billion, strengthening Sharjah’s status as a leading commercial and industrial center in the region.

• In 2023, the ‘wholesale, retail, repair of motor vehicles and motorcycles’ sector (AED 34.8 billion) led the emirate’s GDP, accounting for 24% of the share
• The second largest source of GDP (AED 24.3 billion) was the industrial sector (16.7%).
• The highest growth dynamics was recorded in the “agriculture, forestry and fishing” sector, which amounted to 19.1%.
• The following sectors also recorded positive growth dynamics: “accommodation and meals”, “finance and insurance” and “electricity, gas, water supply and waste management”.
• DSCD said these numbers demonstrate the emirate’s focus on increasing competitiveness, improving the investment climate and diversifying its non-oil sectors.