Sharjah’s Department of Statistics and Community Development (DSCD) has revealed significant growth in the emirate’s gross domestic product (GDP) for 2023.
Initial calculations indicate a 6.5 per cent increase, reaching about AED 145.2B ($39.5B), compared to AED 136.4B ($37.1B) in 2022, marking a 4.9 per cent rise from 2021.
The latest figures are derived from estimates gathered during the comprehensive economic survey conducted from 2017 to 2023, highlighting Sharjah’s strong economic momentum and competitiveness, reinforcing its position among the region’s fastest-growing and most diverse economies.
Sharjah’s economy is flourishing, with non-oil sectors experiencing significant growth, reaching AED 142.5B ($48.9B) in 2023, up from AED 133.1B ($36.2B) in 2022, representing a 7.1% increase and demonstrating the emirate’s commitment to economic diversification and investment in alternative sectors.
The sectors of ‘wholesale, retail trade, repair of motor vehicles and motorcycles’, ‘manufacturing’, and ‘construction’ collectively contributed AED 72.5B, solidifying Sharjah’s position as a leading commercial and industrial hub in the region.
Breaking down the preliminary GDP components for 2023, the ‘wholesale, retail trade, repair of motor vehicles and motorcycles’ sector emerged as the primary economic driver, accounting for 24% (AED 34.8B) of the total GDP output, emphasising its crucial role in stimulating economic activity and job creation.
Additionally, the ‘manufacturing’ sector contributed 16.7% (AED 24.3B) of the total GDP, owing to its diverse production base and active contributions to advancing the emirate’s industrial and knowledge economy.
The “agriculture, forestry, and fishing” sector recorded the highest growth rate at 19.1 per cent, followed by the “accommodation and food services” sector at 17.5 per cent growth and the “financial and insurance” sector, which saw a 12.3 per cent increase.
The Chairman of DSCD, Sheikh Mohammed bin Humaid Al Qasimi, highlighted the strategic transformation in Sharjah’s economic landscape, emphasising the shift towards diversification and reliance on non-oil sectors for a sustainable and thriving economy.
He also underscored the importance of balanced economic growth across various sectors, aligning with the vision of His Highness Sheikh Dr. Sultan bin Mohammed AlQasimi, Supreme Council Member and Ruler of Sharjah.
The preliminary estimates were based on comprehensive and ongoing economic survey results from 2017 to 2023, incorporating all independent bodies and the public sector, adhering to globally recognised methodologies and classifications, reflecting the economic indicators for activities and sectors within the emirate for 2023.
