Sharjah’s gross domestic product (GDP) grew by 6.5% in 2023, reaching Dh145.2 billion compared to the previous year's Dh136.4 billion, as per data released on Wednesday. The Department of Statistics and Community Development (DSCD) of Sharjah stated that these figures were estimated from a comprehensive economic survey conducted between 2017 and 2023, highlighting the emirate's strong economic momentum and competitiveness. This growth further solidifies Sharjah's position among the fastest-growing and most diverse economies in the region.

The non-oil sectors also witnessed significant progress, with the value reaching Dh142.5 billion in 2023, a 7.1% increase from Dh133.1 billion in 2022. This reflects Sharjah's commitment to economic diversification and investment in alternative sectors, contributing to the enrichment of the local economic structure. The wholesale, retail trade, repair of motor vehicles and motorcycles, manufacturing, and construction sectors collectively made a significant contribution of Dh72.5 billion, establishing Sharjah's reputation as a leading commercial and industrial hub in the region.

Among the components of GDP, the wholesale, retail trade, repair of motor vehicles, and motorcycles sector played a crucial role, accounting for 24% (Dh34.8 billion) of the total GDP output. Additionally, the manufacturing sector contributed 16.7% (Dh24.3 billion) to the total GDP, which can be attributed to the diversified production base and active contributions towards advancing the emirate's industrial and knowledge economy.

Agriculture, forestry, and fishing recorded the highest growth rate at 19.1%, showcasing the efforts towards enhancing food security and sustainability. This was followed by the accommodation and food services sector with a growth rate of 17.5%, and the financial and insurance sector with a 12.3% increase. The electricity, gas, water supply, and waste management sector also demonstrated solid growth of 7.8%. Other sectors such as construction and human health and social work also reported positive growth rates of 7.7% and 7.1% respectively. These figures indicate a 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.

Balanced economic growth

Sheikh Mohammed bin Humaid Al Qasimi, Chairman of DSCD, stated: “The results showcase a strategic transformation in Sharjah’s economic landscape, accelerating the drive towards diversification and reliance on non-oil sectors, which are fundamental pillars for a more sustainable and thriving economy. This development not only enhances the economy’s resilience in the face of global fluctuations but also solidifies Sharjah’s position as an attractive investment hub that offers a dynamic business ecosystem and abundant growth prospects.”