Wednesday 19 September 2018

UPDATE 1-UAE central bank trims 2018 GDP growth forecast to 2.3 pct | Reuters

UPDATE 1-UAE central bank trims 2018 GDP growth forecast to 2.3 pct | Reuters:

The United Arab Emirates central bank has cut its forecast for economic growth this year after non-oil growth slowed slightly in the second quarter, according to a report released by the bank on Wednesday.

The central bank now expects the UAE’s inflation-adjusted gross domestic product to expand 2.3 percent in 2018, instead of the 2.7 percent which it had projected in its last report three months ago.

The non-oil part of the economy grew 3.6 percent year-on-year in the second quarter, compared to a revised 3.8 percent in the first quarter, which was the fastest rate since the beginning of 2016.

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