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UAE Central Bank readjusted its economic growth forecast for 2018 after non-oil growth slightly slowed down in the second quarter of the year, from forecasted 2.7% to 2.3% after adjustments and with respect to inflation.
The non-oil sector grew by 3.6 percent year-on-year in the second quarter, compared with a modified percentage 3.8 in the first quarter, the fastest growth registered since early 2016.
According to the Central Bank, growth remained strong in the second quarter of 2018 based on the improvement of oil prices and the supportive fiscal policy and resilience of the tourism sector and related activities. Oil production shrank to 1.7% from the same period of last year due to agreed reductions among World's crude producers.
The Central Bank expects non-oil economy to grow by 3.6 percent by the end of 2018 and oil GDP to contract by 0.5 percent as global oil producers agreed to increase production in the second half of this year.

Source: (Al-Arabiya.net, Edited)