Central Bank of UAE (CBE) disclosed that Non-Oil real GDP grew at an annual rate of 3.3% in the second and third quarters of 2018, following a 3.2% increase in the first quarter of the year.
Improvement in growth momentum is reflected in a range of significant indicators including strong PMI growth at 54.4 points in September 2018, as well as recently announced government stimulus packages and approved visa measures for investors and professionals.
According to the UAE Composite Economic Index, real GDP is expected to grow by 4.4% in the last quarter of 2018, supported by a 6.7% growth in the oil sector, and due to the impact of the production base and rising prices. In general, Real GDP growth is expected to reach 2.8% in 2018, driven by 1.7% and 3.3% growth in the oil and non-oil sectors, respectively. While real GDP is expected to grow by 4.2% in 2019, with the oil and non-oil sectors growing by 5.2% and 3.7%, respectively.
Source: (Al-Khaleej Newspaper, Edited)
