UAE economy grows 2.2% in Q1
Saturday, 06 29 2019, Category: Economy, Country: U.A.E
The UAE’s gross domestic product grew an annual 2.2 per cent from a year earlier in the first three months of this year as the non-oil sector of the country’s economy continued momentum on the back of government spending, the central bank said.
The non-oil economy grew 1.6 per cent in the three months to the end of March from the same period a year earlier, the banking regulator said in its quarterly economic review.
“[The] aggregate economic growth is rebounding as year-on-year growth is ... underpinned by government spending and picking up [in] private sector demand,” the central bank said in the review. The quarterly Augmented Economic Composite Index of non-oil activities, constructed by the central bank, also "demonstrated growth of the non-hydrocarbon sector in the first quarter of 2019”.
Source: The National