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UAE economy to grow by 2.3% in 2019: Central Bank

Reuters/Dubai
Filed on December 4, 2019 | Last updated on December 4, 2019 at 10.54 pm
UAE, economy, grow, 2.3% ,2019, Central bank

(Alamy Image)

The UAE Central Bank also cited data from consultancy Reidin as showing a 6.9 per cent drop in residential prices in Dubai.

The UAE's economy is projected to grow by 2.3 per cent in 2019, the country's central bank said on Wednesday, trimming its forecast from September when it said the Arab world's second-biggest economy would grow by 2.4 per cent.

The economy grew by 1.7 per cent in 2018.

The central bank said the improved growth outlook for 2019 compared to last year is due to rising public and private spending at the federal and emirate levels, higher investment ahead of the Dubai Expo 2020 event and continued regional economic recovery.

The UAE Central Bank also cited data from consultancy Reidin as showing a 6.9 per cent drop in residential prices in Dubai in the third quarter from a year earlier, and an annual 8.2 per cent drop in Abu Dhabi home prices during the same period.


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