ECONOMY

UAE economic growth expected to rise to 3.9 pct in 2018

Last October, the International Monetary Fund projected the UAE economy would grow 3.4 percent in 2018. (Shutterstock)

Growth of the United Arab Emirates’ gross domestic product is expected to accelerate to 3.9 percent in 2018, a senior official of the Ministry of Economy said on Tuesday, citing a forecast by the central bank.

Abdullah al-Saleh, the ministry’s undersecretary for foreign trade, was speaking at a business conference. Last month, the central bank estimated GDP growth in 2017 at only 1.6 percent, partly because of cuts in oil output under a global deal among producers.

This year, oil output is not expected to be cut further. Saleh also cited government investment in infrastructure projects and growth in foreign trade, which benefits Dubai in particular.

Last October, the International Monetary Fund projected the UAE economy would grow 3.4 percent in 2018.
 

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Last Update: Tuesday, 9 January 2018 KSA 16:51 - GMT 13:51
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