S&P: Dubai economy to grow by 2.4% in 2019, supported by Expo 202
Support will coming largely from the construction and real estate sectors
Dubai: S&P Global, the United States-based financial information and analytics company, said it expects Dubai’s gross domestic product growth to pick up, averaging about 2.5 per cent annually over 2019-2022.
The increase will come from increased economic activity associated with Expo 2020 and, after that, by traditional growth engines such as trade and transportation.
The company expects a marginal pickup in economic growth to 2.4 per cent in 2019, with support coming largely from the construction and real estate sectors. They expect the completion of Expo 2020-related infrastructure projects and additional residential housing supply to enter the market from existing projects this year. A boost to tourism and related spending linked to Expo 2020 should drive somewhat stronger growth in 2020.