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25  Nov
2017

Stronger non-oil growth to drive UAE GDP growth in 2018

Stronger non-oil growth to drive UAE GDP growth in 2018

The UAE GDP growth is poised for a convincing recovery in 2018 led by strong improvement in non-oil sector growth according the International Monetary Fund.
 
“Economic diversification efforts of the UAE led by both Dubai and Abu Dhabi and some of the efforts at structural reforms are getting reflected in economic growth outlook of the UAE next year,” said Jihad Azour, Director of the IMF’s Middle East and Central Asia Department.
 
The UAE’s economic growth, which faced a persistent slowdown from 2015, is expected to bounce back in 2018, according to the IMF. The IMF has projected a 1.3 per cent growth in the UAE’s real GDP in 2017, which it expects to surge to 3.4 per cent in 2018.
 
Dubai’s GDP growth for 2018 is projected at 3.5 per cent compared to 2.9 per cent and 3.3 per cent in 2016, and 2017 respectively.
 
Abu Dhabi’s GDP is expected to grow 3.2 per cent in 2018 compared to a meagre 0.3 per cent in 2017 and 2.8 per cent in 2016. The IMF expects a strong bounce back in oil and non-oil GDP of Abu Dhabi next year to 3.1 per cent and 3.3 per cent respectively compared to -2.7 per cent and 3.2 per cent, respectively in 2017.

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