UAE economy to expand by 2.4% in 2017
By: Ramy Sameeh
Abu Dhabi – Mubasher: The UAE economy is likely to grow by 2.4% in 2017, compared to 2.2% expected in 2016, according to the UAE Central Bank’s governor Mubarak Rashid Al Mansoori.
The UAE’s gross domestic product (GDP) is expected to increase by 2.4% in 2016, a report by the International Monetary Fund (IMF) recently indicated.
“Our estimates for growth are backed by the rise of oil prices,” the governor added on the sidelines of the fourth Middle East Banking Forum.
Oil prices fell by more than 70% to $30 per barrel in the first quarter of 2016, negatively affecting the budgets of oil-producing countries.
Translated by: Julian Nabil
