UAE’s GDP up 2.8% in Q1
UAE's non-oil GDP edged up by 0.2% in Q1-19 as compared to the prior-year period
Abu Dhabi - The gross domestic product (GDP) in the UAE increased by 2.8% year-on-year during the first quarter of 2019, reaching nearly AED 376.982 billion, data by the Federal Competitiveness & Statistics Authority (FCSA) showed.
The Emirati non-oil GDP edged up by 0.2% in Q1-19 as compared to the prior-year period, the authority highlighted in a report.
Meanwhile, the mining and quarrying activities, including crude oil and natural gas, grew by 11.4% year-on-year during the first months of 2019 to AED 94.152 billion, the authority added.
Last week, the FCSA released data indicating that the UAE’s manufacturing sector had contributed AED 122 billion in real prices to the country’s non-oil GDP in 2018, up 2.5% from AED 119.7 billion in 2017.
In April, the International Monetary Fund (IMF) said that the UAE’s GDP is likely to grow to 2.8% by the end of 2019.
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