UAE on a positive growth trajectory as real GDP grew 0.8% in 2017

Dubai: The UAE’s real gross domestic product (GDP) grew 0.8 per cent in 2017, according to preliminary estimates by the Federal Competitiveness and Statistics Authority (FCSA).

“Preliminary estimates issued by the Federal Competitiveness and Statistics Authority indicate growth in the economic performance of the UAE in general; which came as a result of growth in oil resources and rise in international oil prices and growth in non-oil sectors,” Sultan Bin Saeed Al Mansouri, Minister of Economy, said in a statement on Tuesday.

He said the UAE’s success in economic diversification, expansion of the economic production base, and the importance of strategic initiatives and programmes aimed at increasing reliance on non-oil sectors contributed to the GDP growth.

Earlier this year, the International Monetary Fund (IMF) had revised its 2017 GDP estimates for the UAE to 0.5 per cent from a projected 1.3 per cent in October last year. The downward revision was largely driven by negative growth of 2.5 per cent in the oil GDP.