Emirates' economy set for brighter times in 2018 - The National:
"Tim Fox, the head of research and the chief economist of Emireates NBD, talks about the outlook for the UAE in the coming year. What are your forecasts for the UAE economy in 2018? How will that growth vary between Dubai and Abu Dhabi? The UAE’s economy likely grew 2 per cent in 2017, down from 3 recorded in 2016. The slower growth rate was entirely due to cuts to oil production, in line with Opec’s overall strategy to limit output and reduce excess supply in the global crude market – a strategy that supported the recovery in oil prices last year. The outlook for 2018 is constructive, and we expect growth to accelerate to 3.4 per cent. The oil sector is expected to contribute positively to overall GDP growth next year, as several GCC countries have indicated they will look to boost crude output gradually in the second half next year. Non-oil growth will likely be driven by public sector infrastructure investment rather than consumer demand. Our assumptions are for Dubai to grow by 4.2 per cent and for Abu Dhabi to grow by 2.9 per cent in 2018."
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