Figures released by the Sharjah Economic Development Department showed that the emirate’s gross domestic product (GDP) reached Dh88.5 billion in 2016, increasing by an average of 5 per cent between 2010 and 2016.
The edition of the Sharjah Economic and Social Development Indicators for 2010-2016, showed that the emirate’s GDP rose to Dh69.7 million in 2011 from Dh64.8 million in 2010, and has since grown gradually.
Financial and insurance activities recorded the strongest growth in the GDP, rising 35.9 per cent, according to the report. It was followed by the education sector, which grew 10.6 per cent.
Meanwhile, the number of licences issued in the emirate rose to 71,660 in 2016, with a growth rate of 4.4 per cent throughout the period between 2010 and 2016. The number of licenses issued in 2010 stood at 52,975 licences, and rose to 61,930 licenses in 2013.
The report said the increase was driven by efforts from the Sharjah Economic Development Department to simplify procedures related to registering and conducting business by developing services available to investors.