|28 May, 2019

UAE economic growth expected at 2% in 2019 - central bank

Non-oil GDP growth instead is expected to be 1.8%, against 1.3% last year.

General view of the world's tallest building Burj Khalifa in Dubai, United Arab Emirates, December 22, 2018. Image for illustrative purposes.

General view of the world's tallest building Burj Khalifa in Dubai, United Arab Emirates, December 22, 2018. Image for illustrative purposes.

REUTERS/Hamad I Mohammed

DUBAI- The United Arab Emirates has revised downwards its expectations for economic growth in 2019, with real gross domestic product (GDP) now expected to grow 2% this year, the central bank said on Tuesday.

In its last quarterly report in March, the central bank said it expected GDP to grow 3.5%.

Economic growth coming from the oil sector is expected to be 2.7%, against 2.8% last year, because of lower oil production, the bank said in a statement.

Non-oil GDP growth instead is expected to be 1.8%, against 1.3% last year.

(Reporting by Davide Barbuscia; Editing by Saeed Azhar) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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