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FinancialNews
06-11-19
UAE's economic outlook remains stable: Report
(MENAFN) According to research published by the National Bank of Kuwait (NBK), the UAE's economic outlook remains stable, despite the slow grow in global economy, trade disputes, softer energy demand and heightened geopolitical tensions.
NBK said in its latest Economics in Focus report, headwinds from the uncertain global and regional geopolitical situation have had a bad impact on economic growth.
Overall growth stood at 3.7 per cent year-on-year (y/y) in 1Q19, supported by the oil sector, while the non-oil economy slowed to 0.3 per cent y/y. Growth prospects in the medium term stay solid however further efforts towards diversification and continued progress in fiscal, private sector and regulatory reform will be required to weather the possibility of continued adverse external shocks.
NBK Group chief economist, Dr Saade Chami, said: "The UAE non-oil sector experienced fairly robust growth rates during 2010-2014, supported by the government's diversification efforts. However, after the sharp fall in oil prices in 2014, non-oil growth began to slow, reaching 1.7 per cent in 2018."
MENAFN0611201900450000ID1099230275
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