Strong management of COVID-19 outbreak repercussions reduces economic impact of global crisis on Dubai

Emirates News Agency | Jul 1, 2020 at 12:57 AM
  • Dubai Statistics Center (DSC) said today that the real gross domestic product at constant prices of the Emirate of Dubai showed a 3.5% decline in the first quarter of 2020.
  • The Executive Director of DSC considered the decline a natural result of the current global economic environment, given that the transport and storage sectors play a crucial role in supporting other economic sectors and directly support regional and international trade and the travel sector.
  • The UAE Central Bank’s data indicated that the credit balance of all UAE banks witnessed a growth of 5.6% in 2019 to reach approximately AED1.6 trillion.