AJMAN, (Pakistan Point News - 29th Jan, 2020) The non-oil GDP in Ajman achieved a 3.6 percent growth in 2018, according to the emirate's annual economic report 2019 issued by the Department of Economic Development covering the emirate's economic outcomes until the end of 2018.
The report showed that the average annual growth for the 2014-2018 period was some 3.8 percent, a clear indication of the strength of the local economy and its ability to grow across various economic sectors.
The manufacturing sector contributed 39.1 percent of the GDP growth, while the construction sector contributed 14.3 percent, the wholesale and retail trade sector 7.2 percent and the tourism sector 4.6 percent.
The growth rates stressed the flexibility of the economy of Ajman in light of the global economic challenges, as government efforts contributed to the sustainability and the reinforcement of the investment movement and the establishment of businesses across various activities. The report revealed that the annual growth rate of the total fixed capital formation accounted for 2.9 percent in 2018, with an annual growth rate of 4.9 percent for the 2014-2018 period.
In terms of direct foreign trade, Ajman achieved growth of 6.7 percent by the end of the year 2018, diversifying its trade partners, the most important of which was the Kingdom of Saudi Arabia with 15.5 percent of the total exports of the emirate, followed by the Republic of Egypt with 12.2 percent, Kuwait and India with 6.7 percent for both, and the Russian Federation with 4.1 percent.
Industrial establishments witnessed remarkable activity during the previous period, while licences of industrial establishments were also distributed by the end of 2018, with 14.2 percent for the production of rubber and plastic products, and 13.6 percent for the manufacture of metal products and other industrial activities. Investments in the manufacturing industries achieved a growth of 3.1 percent in 2018.
The output of the manufacturing sector in Ajman also grew by 4.2 percent during the same period, reflecting the importance of the sector and the feasibility of the available investment opportunities.
