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FINANCIAL NEWS
UAE non-oil sector growth up 4 percent
24 Jul 2016
(MENAFN) The Intl’ Monetary Fund (IMF) forecasted the UAE’s non-oil growth to increase more than 4 percent on improvement in economic sentiment and fiscal conditions.
Meanwhile, economic activity is predicted to moderate further this year, before improving over the medium term, while non-oil growth may slow to 2.4 percent.
However, non-oil economic activity has slowed to 3.7 percent last year, driven by a contraction of public investment in the context of financial consolidation.
On the other hand, the fiscal balance turned to a deficit of 2.1 percent of GDP, whereas the recent accounts surplus declined to 3.3 percent of GDP.
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