Middle East U.A.E. News: 2019 Growth From Oil - Bloomberg:
Economic growth in the United Arab Emirates is estimated to have accelerated last year, but mostly because of oil.
Excluding the hydrocarbon industry, the Middle East’s second-biggest economy expanded at the slowest pace since at least 2011, according to central bank forecasts released on Sunday. It grew 1.1% in 2020, compared with 1.3% a year ago, according to the lender’s latest quarterly review. Earlier calculations assumed there would be an acceleration to 1.8%.
The actual figures will be announced later this year.
The federation of seven emirates, dominated by oil-rich Abu Dhabi and Dubai, a hub for tourism and logistics, is struggling amid geopolitical tensions over Iran and an oversupplied property market. The coronavirus outbreak in China, the U.A.E.’s biggest trading partner, could put a further strain on the economy.
Abu Dhabi Commercial Bank, the nation’s third-largest lender by market value, reduced its non-oil growth projection for this year by 0.1 percentage points to 2.3% on the back of the virus. Its forecast for the economy as a whole is 0.6%.
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