The trade sector was the most significant contributor to the GDP at 23.8%. Image Credit: Supplied

Sharjah’s gross domestic product (GDP) expanded by an annual 4.8 per cent in 2021, as per official data released by the emirate’s Department of Statistics and Community Development (DSCD).

Capital expenditure rose to Dh33.8 billion in 2021 compared to Dh31.3 billion in 2020, data showed.

The trading sector was the most significant contributor to GDP at 23.8 per cent. Transformative industries stood at 17 per cent, construction at 9.3 per cent, and real estate at 9 per cent, while the government sector contributed to 7.3 per cent in 2021.

As for sector-specific growth rates in 2021 compared to 2020 levels, wholesale and retail trade was up 10 per cent. Transport and storage sectors registered a 9.5 per cent growth, followed by the accommodation/hospitality and food services at 9.1 per cent. Extractive industries grew by 9 per cent and health and social services by 7.6 per cent.

Production contributed Dh240 billion in 2021, compared to Dh228.8 billion in 2020. Workers’ compensation increased to Dh38.8 billion in 2021 compared to Dh36.9 billion in the previous year.

Sheikh Mohammed bin Humaid Al Qasimi, Chairman of DSCD, said: “The exceptional growth Sharjah witnessed in 2021 clearly indicates the success of the emirate’s strategies for sustainable growth and development. These are based on diversity of market sectors and incomes, balanced growth, and the strategic distribution of development capital.”

“Sharjah’s economy has proved its agility in adapting to far-reaching local and global changes. The numbers highlight the success of the emirate’s integrative strategies guiding both developmental and economic entities in public and private sectors. As Sharjah continues its developmental journey, DSCD reaffirms its commitment to offering stakeholders a robust source of accurate data and information, which reflects current and future socioeconomic realities.