Monday , September 23 2019

Accommodation, food services add AED32.5bn to UAE’s GDP

ABU DHABI / WAM

Accommodation & Food Services contributed AED32.5 billion in real prices to the 2018’s GDP, a growth of 4.2 percent on year, according to Federal Competitiveness and Statistics Authority (FCSA).
In real (constant) prices, the sector’s contribution to non-oil GDP reached 6.8 percent during 2018, maintaining the high momentum it has created over the past years, driven by growth recorded in the country’s tourist infrastructure.
According to the FCSA figures, accommodation and food services’ contribution spiked from AED28.5 billion in 2016 to AED31.2 billion in 2017, before hitting AED32.5 billion last year.
The overall improvement in economic performance is driven by the successful diversification policy adopted by UAE government over past years and successive gains ma-de by manufacturing activities along with growth in knowledge- based industries, including aviation, space, transportation, logistics, FinTech, renewables, tourism, and other shared platforms.

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