Abu Dhabi – Mubasher: The real gross domestic product (GDP) of the UAE is likely to increase by 2% this year, up from 1.7% in 2018, according to the Central Bank of the UAE’s (CBUAE) 2018 annual report.
The non-oil economic growth is expected to reach 1.8% in 2019, while the GCC nation’s oil production is likely to see a slowdown in line with the Organization of the Petroleum Exporting Countries’ (OPEC) latest agreement, the report added.
Total oil production is expected to reach 3.1 barrels a day in 2019, lower than the fourth quarter of 2018’s average output of 3.285 million barrels a day, which will boost oil sector GDP by 2.7%.
The increase in crude oil production, as well as the rise in prices, have positively impacted the UAE’s GDP, the report indicated.
The average oil production in the UAE amounted to approximately 3 million barrels a day in 2018, rising 1% year-on-year.
It is worth noting that global oil prices hiked by 30.9% in 2018 to $71 per barrel.
