UAE – Mubasher: The UAE's gross domestic product (GDP) grew by an estimated 1.7% in 2019, according to the annual report by the Central Bank of the UAE (CBUAE).
The report referred that the hydrocarbon industry witnessed a rapid growth of 3.4% in 2019, however, the non-oil sector expanded at a slower pace, growing by 1%.
The rise in hydrocarbon production and the growth in the non-hydrocarbon activities supported overall economic growth in 2019.
Meanwhile, inflation entered into negative territory because of the value-added tax (VAT) fading effect, a higher value of the local currency, the Dirham; lower energy prices, and a decline in rents.
In 2019, the average oil price amounted to $64 per barrel, boosting the UAE's economic growth.
"However, this was a decline of 10% on 2018 owing to the weakening of global demand amid trade policy and Brexit uncertainties, and emerging markets underperformance," according to the CBUAE report.
