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

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 per cent 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 per cent.

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

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