6.25% GDP growth in Ajman to AED 36 billion by 2023

The preliminary estimates of the gross domestic product of the Emirate of Ajman for the year 2023, issued on Sunday by the Ajman Statistics Center, revealed the strength of its economic performance and its achievement of positive growth rates, as the emirate achieved a gross domestic product at current prices that exceeded 36 billion dirhams, compared to 33.9 billion dirhams in 2017. 2022, with a growth of 6.25%.

At constant prices, the emirate’s GDP amounted to about AED 32 billion, compared to AED 30.5 billion in 2022, with a growth rate of 4.7%.

Dr. Hajar Saeed Al Hubaishi, Executive Director of the Centre, said that the initial estimates of the emirate’s GDP for 2023 show a noticeable improvement in economic performance and the extent of the efforts made to enhance sustainable development, explaining that the growth confirms its ability to overcome economic challenges and enhance its position at the local and international levels.

The results showed that the manufacturing sectors, wholesale and retail trade, vehicle repair, and construction took the lead in driving the economy and contributing to the gross domestic product at current prices in the emirate in 2023. The manufacturing industry contributed 18.80%, followed by wholesale and retail trade and vehicle repair with 18.04%, while construction activity contributed 16.42%.

These activities also contributed significantly to the real GDP, as the manufacturing industry represented 18.9% of the real GDP, while wholesale and retail trade and vehicle repair contributed 18.31%, and construction activities contributed 17.36%. (wham)