Sharjah’s economy increased to $37bn in 2022

Sharjah’s economy grew by 5.2 percent to AED136.9 billion ($37.28 billion) in 2022, compared to AED130.1 billion in 2021, according to preliminary estimates by the Department of Statistics and Community Development.

The emirate’s non-oil sector rose 5.2 percent to AED133.4 billion last year, compared to AED126.8 billion in 2021.

Preliminary estimates are based on comprehensive economic survey results from 2017-2021, which include all independent bodies and the public sector, the department said in a statement.

Sheikh Mohammed bin Humaid Al Qasimi, chairman of Sharjah Department of Statistics and Community Development, said that the preliminary estimates for 2022 indicate a positive economic performance in the emirate. 

“The emirate’s economic diversification has been a driving force behind the growth that we are currently witnessing, which aligns with the its development plans,” he said.

Wholesale and retail trade; repair of motor vehicles and motorcycles achieved the highest growth in the emirate’s economy, reaching AED32.9 billion, or 24 percent to the gross domestic product (GDP). 

Manufacturing contributed 16.7 percent, or AED22.9 billion, to GDP. 

Real estate activities came third with a 9.7 percent addition to GDP, highlighting the sector’s role in providing investment opportunities.

The construction sector added 9 percent to the emirate’s economy, the statement said.