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OIL PRICES WEIGH

UAE’s GDP to grow 4.7pc to $455bn in 2019: IMF

ABU DHABI, April 18, 2019

The International Monetary Fund (IMF) has forecast the UAE’s nominal Gross Domestic Product (GDP) to grow 4.7 per cent to Dh1.673 trillion ($455 billion) in 2019, compared to Dh1.589 trillion a year ago.

The GDP growth is reflective of the economic diversification efforts made by the country, reported Emirates news agency Wam, citing the Washington-based fund.

Driven by remarkable improvement across various economic platforms, including domestic investment and private sector-provided credit as well as the ongoing momentum in trade relations with major trade partners, and the anticipated high tourist influxes associated with the approaching Expo 2020 Dubai, the UAE economy has survived the slowdown witnessed in 2015-2016.

The growth is driven as well by the improvement in average oil prices from $71.9 in 2018 to $72.3 in 2019, according the IMF statistics which expected a rise in the country's crude output to 3.1 million b/d from 3.00 million b/d in 2018.

The IMF's positive forecasts are based as well on the three-year stimulus packages initiated by the Federal Government starting this year, with inflation rates kept as low as 1.9 per cent in 2019 despite the introduction of VAT last year, in addition to the 8 per cent increase in the current account surplus in 2019 against 6.9 per cent in 2018.




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