Emirates Central Bank announces 2.9 per cent real GDP growth in 2019

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Emirates Central Bank announces 2.9 per cent real GDP growth in 2019

On Sunday, the 23rd of February 2020, the Central Bank of United Arab Emirates had issued a statement saying that the economy of UAE grew by 2.9 per cent last year on an annualized basis, up from a prior reading of 1.7 per cent recorded on 2018, a report from the Emirates News Agency had unveiled.

Apart from that, according to the report of the UAE’s Central Bank, 2019 had witnessed an Adonic growth in oil and natgas sectors of the heavily fossil-fuel dependent Mideast economy, as UAE’s oil and natgas sector had reported a growth of 7.6 per cent in 2019 on a year-on-year basis, while the nation’s non-oil sector rose by 1.1 per cent.

Nonetheless, on the flipside of the coin, UAE Central Bank had also cautioned about a slowdown lurking over the horizon, as the Mideast nation’s economy grew by 1.3 per cent during the fourth quarter of 2019, after rising as much as 2.9 per cent a quarter earlier.

However, the Washington DC-based sister organization of World Bank, the International Monetary Fund (IMF) had forecasted a growth of 2.5 per cent for UAE this year given the extent of volatility the crude oil futures’ prices were going through, while analysts were quoted saying that a supply glut could create an obstacle to achieve the IMF forecast amid coronavirus-related demand concerns alongside OPEC+ nations’ reluctance to extend output curb further.