Sharjah's GDP surged 6.5%, reaching Dh145.2 billion in 2023
DSCD has announced substantial growth in the emirate's GDP for 2023
Sharjah's Department of Statistics and Community Development (DSCD) has announced substantial growth in the emirate's gross domestic product (GDP) for 2023.
The preliminary estimates show a 6.5 per cent surge, reaching approximately Dh145.2 billion, compared to Dh136.4 billion in 2022, which marked a 4.9 per cent growth from 2021.
Non-oil sectors reached Dh142.5 billion in 2023, up from Dh133.1 billion in 2022, marking a 7.1 per cent increase.
The 'wholesale, retail trade, repair of motor vehicles and motorcycles', 'manufacturing', and 'construction' sectors collectively contributed Dh72.5 billion.
In 2023, the 'wholesale, retail trade, repair of motor vehicles and motorcycles' sector drove 24 per cent or Dh34.8 billion of the total GDP, while the 'manufacturing' sector contributed 16.7 per cent or Dh24.3 billion.
Notably, the 'agriculture, forestry, and fishing' sector recorded the highest growth rate at 19.1 per cent, followed by the 'accommodation and food services' sector at 17.5 per cent and the 'financial and insurance' sector at 12.3 per cent. The 'electricity, gas, water supply, and waste management' sector also showed a solid growth of 7.8 per cent.
Other sectors such as 'construction', 'manufacturing', and 'human health and social work' also registered positive growth rates of 7.7 per cent, 7.6 per cent, and 7.1 per cent, respectively.
Sheikh Mohammed bin Humaid Al Qasimi, Chairman of DSCD, said: "The results showcase a strategic transformation in Sharjah's economic landscape, hastening the drive towards diversification and reliance on non-oil sectors, which are fundamental pillars for a more sustainable and thriving economy."
The Chairman added: "Sustainable development requires a balanced distribution of resources across various sectors. The noticeable increase in the contribution of non-oil sectors is an indicator of Sharjah's balanced economic growth and its progress towards an integrated economic model."
The estimates were based on a comprehensive economic survey from 2017 to 2023, including independent bodies and the public sector. This approach adheres to global methodologies and reflects economic indicators for activities and sectors in the emirate for 2023.