UAE expects 2.4pc GDP growth in 2019

DUBAI, Sept 23 (Reuters): The United Arab Emirates (UAE) expects its economy to grow 2.4 per cent in 2019, driven by faster growth in the oil sector, the central bank said in a report on Sunday.

The economy grew 1.7 per cent in 2018, according to preliminary data released by the government.

The central bank's forecast is more cautious than the International Monetary Fund projection of 2.8 per cent growth in 2019, supported by public spending as well as external factors.

The bank expects the oil sector to grow 5 per cent in 2019, compared with 2.8 per cent in 2018, while the non-oil sector will grow 1.4 per cent, slightly faster than 2018.

The report also said the economy posted estimated growth of 2.2 per cent in the second quarter compared to a year earlier, with non-oil real GDP up 1.5 per cent.