The United Arab Emirates’ central bank has cut its forecast for economic growth in 2018 after non-oil growth slowed slightly in the second quarter. It now expects the UAE’s inflation-adjusted gross domestic product to expand 2.3% in 2018, instead of the 2.7% it had projected in its last report three months earlier. The non-oil part of the economy grew 3.6% year-on-year in the second quarter, com- pared to a revised 3.8% in the first quarter, which was the fastest rate since the beginning of 2016. The non-oil private sector saw a marked slowdown in growth in August 2018, according to a snap- shot survey of purchasing managers. This was largely due to a decline in average employment — the first time this has been recorded since the survey began in August 2009 — as well as lower stocks of inventories. While activity in the non-oil private sector expanded at a similar rate 2017, margin pres- sures on firms mean that this growth in new work and output is not translating to job creation or higher wages. The survey of purchasing managers by Emirates NDB showed the headline index was 55.0 in August, down from 55.8 in July on a scale where a number over 50.0 indicates expansion. The International Monetary Fund cut its growth outlook for the four years to 2021. The IMF’s April 2018 world economic outlook forecast the economy growing by 2.0% in 2018, up from 0.5% in 2017 but below the 3.4% it pencilled in in October 2017.