UAE GDP growth of 2.9 percent

  • Dubai, United Arab Emirates
  • 24 February 2020

UAE Central Bank estimates showed real GDP growth of 2.9 percent over the past year (2019), the growth was driven by the increase in the non-hydrocarbon sector (oil and gas), which increased by 1.1 percent, and the hydrocarbon (non-oil) sector, which grew by 7.6 percent due to the high increase in natural gas production and its condensate.

The real GDP in the UAE, according to the same estimates, increased by 1.3 percent in the fourth quarter of 2019, and the pace of real non-hydrocarbon GDP growth accelerated by 2.4 percent during the same quarter.

According to the bank, the increase in non-oil activities led to an increase in labor market indicators, as employment in the private sector gained more momentum by growing on a comparable annual basis by 2 percent in the fourth quarter, it is the highest growth in the past seven quarters and 38,765,000 new jobs were created on a net basis in the fourth quarter of 2019.

Source (Al-Sharq Al-Awsat newspaper, Edited)