UAE non-oil growth to edge up to 3% in 2017, according to the central bank
The UAE non-oil economy is expected to grow 3% this year, accelerating from 2.7% last year, the central bank said on Wednesday. “The recent improvement in oil prices has shed a positive sentiment on the economic activity in the non-oil sector and boosted economic confidence,” the bank said in a third-quarter review published on Wednesday. However, overall GDP is projected to grow only 1.6% in 2017, down from 3.0% in 2016, because of a shrinking oil sector as the UAE cut output under a global deal among oil producers.
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