Dubai – Mubasher: The growth of UAE GDP is projected to slow to 2.2% in 2016 and rise to 2.4% in 2017, affected by the continued fiscal consolidation and the slowdown of the main UAE trading partners, according to a statement.
Non-oil GDP growth is expected to grow by 2.7% by the end of 2016, while oil GDP growth is forecast to increase by 1.2%.
The IMF earlier expected the UAE economy to expand 2.4% this year and 2.6% in 2017, with growth prospects are likely be weighed down by lower oil prices.
Oil prices fell by more than 70% to $30 per barrel (pb) in the first quarter of 2016, negatively affecting the budget of oil producing countries.
