image

UAE on a positive growth trajectory as real GDP grew 0.8% in 2017

Ankit Sharma

image

<p>Dubai: The UAE&rsquo;s real gross domestic product (GDP) grew 0.8 per cent in 2017, according to preliminary estimates by the Federal Competitiveness and Statistics Authority (FCSA).</p> <p>&ldquo;Preliminary estimates issued by the Federal Competitiveness and Statistics Authority indicate growth in the economic performance of the UAE in general; which came as a result of growth in oil resources and rise in international oil prices and growth in non-oil sectors,&rdquo; Sultan Bin Saeed Al Mansouri, Minister of Economy, said in a statement on Tuesday.</p> <p>He said the UAE&rsquo;s success in economic diversification, expansion of the economic production base, and the importance of strategic initiatives and programmes aimed at increasing reliance on non-oil sectors contributed to the GDP growth.</p> <p>Earlier this year, the International Monetary Fund (IMF) had revised its 2017 GDP estimates for the UAE to 0.5 per cent from a projected 1.3 per cent in October last year. The downward revision was largely driven by negative growth of 2.5 per cent in the oil GDP.</p> <p>Source:--<a href="https://gulfnews.com/business/economy/uae-on-a-positive-growth-trajectory-as-real-gdp-grew-0-8-in-2017-1.2235938" target="_blank">https://gulfnews.com/business/economy/uae-on-a-positive-growth-trajectory-as-real-gdp-grew-0-8-in-2017-1.2235938</a>‚Äč</p>