Sharjah’s Department of Statistics and Community Development (DSCD) has announced remarkable growth in the emirate’s gross domestic product (GDP) for 2023. Preliminary estimates show a 6.5 percent surge, reaching approximately AED145.2 billion ($39.5 billion), compared to AED136.4 billion ($37.1 billion) in 2022 – a 4.9 percent increase from 2021.
These figures are based on a comprehensive economic survey conducted from 2017 to 2023, indicating Sharjah’s robust economic momentum and competitiveness, cementing its status as one of the region’s fastest-growing and most diverse economies.
Non-oil sectors driving economic diversification
Non-oil sectors also saw a significant 7.1 percent increase, reaching AED142.5 billion ($38.79 billion) in 2023, up from AED133.1 billion in 2022. This reflects the emirate’s economic diversification and investment in alternative sectors, further enriching the local economic structure. The ‘wholesale, retail trade, repair of motor vehicles and motorcycles’, ‘manufacturing’, and ‘construction’ sectors collectively contributed AED72.5 billion ($19.73 billion), reinforcing Sharjah’s position as a leading commercial and industrial hub.
Sectoral breakdown: Wholesale and retail trade leads GDP
A deeper analysis of the 2023 GDP components shows the ‘wholesale, retail trade, repair of motor vehicles and motorcycles’ sector as the primary economic driver, accounting for 24 percent (AED34.8 billion) of the total GDP. The ‘manufacturing’ sector contributed 16.7 percent (AED24.3 billion), attributed to the diverse production base and active contributions to advancing the emirate’s industrial and knowledge economy.
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Agriculture and fishing sector sees highest growth
Notably, the ‘agriculture, forestry, and fishing’ sector recorded the highest growth at 19.1 percent, illustrating efforts to enhance food security and sustainability. This was followed by the ‘accommodation and food services’ sector at 17.5 percent growth and the ‘financial and insurance’ sector, which saw a 12.3 percent increase. The ‘electricity, gas, water supply, and waste management’ sector also showed solid growth of 7.8 percent.
Positive growth across key sectors
Other sectors such as ‘construction’, ‘manufacturing’, and ‘human health and social work’ registered positive growth rates of 7.7 percent, 7.6 percent, and 7.1 percent, respectively. These figures indicate comprehensive growth in non-oil sectors, boosting the diversification of the local economy and supporting the ongoing development of the emirate, while also enhancing resilience against future economic challenges.
The preliminary estimates were based on the comprehensive and ongoing economic survey results from 2017 to 2023, which included all independent bodies and the public sector. This approach adheres to globally recognized methodologies and classifications, reflecting the economic indicators for activities and sectors within the emirate for 2023.
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