Ajman Achieves Remarkable Economic Growth With GDP Rising To AED 36 Billion In 2023

Preliminary estimates from the Ajman Statistics Centre indicate a strong economic performance for Ajman in 2023. The emirate's GDP at current prices surpassed AED36 billion, up from AED33.9 billion the previous year, marking a 6.25 percent growth rate.

The GDP at constant prices reached around AED32 billion, compared to AED30.5 billion in 2022, reflecting a growth rate of 4.7 percent. Dr. Hajar Saeed Al-Hubaishi, Executive Director of Ajman Statistics Centre, highlighted the significant improvement in economic performance and sustainable development efforts.

Dr. Al-Hubaishi stated, "The preliminary estimates of the gross domestic product for the Emirate of Ajman for the year 2023 show a notable improvement in economic performance and demonstrate the improvement in efforts to promote sustainable development." She also noted that this growth showcases Ajman's resilience in overcoming economic challenges and enhancing its local and international standing.

The manufacturing sector was a major contributor to the GDP at current prices, accounting for 18.80 percent. Wholesale and retail trade, along with vehicle repair services, followed closely with an 18.04 percent contribution. Construction activities added another 16.42 percent to the GDP.

In terms of real GDP contributions, manufacturing industries accounted for 18.9 percent, while wholesale and retail trade and vehicle repair contributed 18.31 percent. Construction activities made up 17.36 percent of the real GDP.

The results underscore the importance of these sectors in driving Ajman's economic locomotive forward and their substantial role in the emirate's overall economic health.

The positive growth rates reflect Ajman's ability to navigate economic challenges effectively while promoting sustainable development initiatives that bolster its economic position both locally and internationally.

This robust performance is indicative of strategic efforts aimed at enhancing key sectors such as manufacturing, trade, vehicle repair, and construction within Ajman’s economy.

The emirate's success in achieving these growth rates demonstrates its commitment to fostering an environment conducive to economic prosperity and sustainable development.

Ajman's continued focus on these pivotal sectors is expected to sustain its economic momentum and further solidify its standing on both local and global stages.

With inputs from WAM