UAE Central Bank attributes the growth to a 1.1% growth in the non-hydrocarbon sector
The UAE’s GDP is estimated to have grown 2.9 percent in 2019, according to the UAE Central Bank (CBUAE).
According to the CBUAE’s ‘Quarterly Review Report’ for Q4 2019, the overall rise in GDP was driven by the growth of the non-hydrocarbon sector – estimated at 1.1 percent – as well as a 7.6 percent growth in the hydrocarbon sector.
The CBUAE attributed “significant growth” in the hydrocarbon sector to double-digit growth in condensates and natural gas production.
“The pick-up in non-oil activities is also reflected in improved labour market indicators,” the report said, adding that private sector employment had picked up further year-on-year growth momentum of 2 percent.
This growth, the Central Bank report noted, was the highest growth registered in the last seven quarters, adding that some 38,765 new jobs were created in the fourth quarter of 2019.finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.