June 30, 2020 / 4:27 PM / 6 days ago

Dubai's economy shrank by 3.5% y/y in Q1 amid coronavirus crisis

DUBAI, June 30 (Reuters) - Dubai’s real gross domestic product shrank by 3.5% year-on-year in the first quarter, the government’s media office said in a statement on Tuesday.

Citing data from the emirate’s statistics centre, it said key sectors of Dubai’s economy such as real estate and finance had kept momentum despite the impact of the coronavirus pandemic on the economy. (Reporting by Davide Barbuscia; Editing by Kevin Liffey)

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