Dubai's economy declined by 3.5% in Q1 amid Covid-19 crisis
Dubai’s economy declined by 3.5 percent in the first quarter of 2020 as the emirate grappled with the impact of the coronavirus pandemic. This compares to a growth rate of 2.2 percent in 2019, according to the Dubai Statistics Centre (DSC). However, real estate, finance, manufacturing, and the government sector retained their growth momentum despite the strict lockdown measures adopted across the city. Arif Al Muhairi, executive director of DSC, said: "The worldwide restrictions on movement for individuals through air, sea, and land entry points, as well as the unprecedented intensification of precautionary measures, which limited the flow of freight across borders, had significant repercussions on international trade and the global economy. |
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