Ajman’s Non-oil GDP Growth by 3.6% in 2018

Jan
28

According to Ajman’s Annual Economic Report 2019, issued by the Department of Economic Development and covering the economic results up to the end of 2018, Ajman’s non-oil GDP increased by 3.6%, whereas the annual growth averaged 3.8% in 2014-2018, thus reflecting the strength of local economy and its ability to expand in various economic sectors.

Contribution of manufacturing, construction, retail and tourism sectors into the GDP was 39.1%, 14.3%, 7.2% and 4.6%, respectively.

These growth rates highlight the flexibility of Ajman’s economy in the light of global economic challenges. The different government endeavors contributed to the sustainability and stimulation of investment movement and business set-up in different activities.

According to the report, the annual growth rate of total fixed capital formation amounted to 2.9% in 2018, with an annual growth rate of 4.9% in 2014-2018. Ajman’s direct foreign trade noticed 6.7% growth by the end of 2018. Countries to whom Ajman export varied and included KSA with 15.5% of the total emirate’s exports, followed by Arab Republic of Egypt with 12.2%, Kuwait and India with 6.7% each and Federal Russia with 4.1%.

Confirming the pivotal role of industrial sector in Ajman’s economy, industrial facilities have seen significant activity during the last period. By the end of 2018, licenses for industrial facilities ranged between 14.2% for rubber and plastic products industry, 13.6% for metals, and other varied industries. The manufacturing investments also grew by 3.1% during 2018, whereas the GDP in manufacturing increased by 4.2% during the same period, reflecting the sector’s importance and the increase of available investment opportunities.

On this occasion, Ali Eissa Al Nuaimi, Director General of DED, stated that these positive results of the emirate’s economic performance are the result of the wise vision adopted by Ajman Government. “Ajman Vision 2021” was launched with the view to “building a happy society that will contribute to building a green economy backed by a distinguished government in harmony with the UAE Vision, National Agenda and Spirit of the Union”, to move towards achieving the sustainable economic development based on knowledge and innovation, targeting 5 strategic sectors / activities: manufacturing, tourism, transport and warehousing outsourcing and digital media. The Director General of DED trusted that the DED’s Annual Economic Report would be an important reference for all stakeholders and those interested in studying and sharing economic developments in the emirate. He also hoped that it would contribute in spreading knowledge and awareness among all investors, researchers and those involved in studying Ajman’s economic situation.



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