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DUBAI - The non-oil part of the United Arab Emirates economy is expected to grow 3 percent this year, accelerating from 2.7 percent last year, the central bank said on Wednesday.
"The recent improvement in oil prices has shed a positive sentiment on the economic activity in the non-oil sector and boosted economic confidence," the bank said in a third-quarter review published on Wednesday.
However, overall gross domestic product is projected to grow only 1.6 percent in 2017, down from 3.0 percent in 2016, because of a shrinking oil sector as the UAE cut output under a global deal among oil producers.
(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
"The recent improvement in oil prices has shed a positive sentiment on the economic activity in the non-oil sector and boosted economic confidence," the bank said in a third-quarter review published on Wednesday.
However, overall gross domestic product is projected to grow only 1.6 percent in 2017, down from 3.0 percent in 2016, because of a shrinking oil sector as the UAE cut output under a global deal among oil producers.
(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
