The International Monetary Fund (IMF) expects the UAE’s nominal gross domestic product (GDP) to grow 4.7% to AED 1.673 trillion in 2019, compared to AED 1.589 trillion a year ago, Emirates News Agency (WAM) reported.
This increase in nominal GDP reflects the continuous growth in the UAE’s economy supported by the policy of diversification of resources adopted by the country, the Washington-based fund noted.
It is noteworthy that the Central Bank of the UAE (CBUAE) expected the country’s real GDP to increase 4.2% in 2019 and oil and non-oil sectors to grow 5.2% and 3.7%, respectively.
The CBUAE also projected inflation rate to stabilise at 1.9% this year despite the introduction of the value-added tax (VAT) at the beginning of 2018.
In addition, the GCC nation’s crude oil output is also forecast to increase to 3.1 million barrels per day (bpd) in 2019, compared to 3 million bpd in 2018, according to IMF.