UAE sees 2.9% GDP growth in 2019

The Central Bank of the UAE revealed that the growth was driven by the hydrocarbon sector

Gdp, Economic growth, Natural gas, Condensates

The UAE's overall real gross domestic product (GDP) grew by 2.9% in 2019, according to the Central Bank of the UAE.

The Central Bank's Quarterly Review Report for the fourth quarter of 2019 revealed that this increase was driven by growth outside of the hydrocarbon sector at 1.1%, and 7.6% growth within hydrocarbons, state news agency WAM reported.

This "significant growth" in the hydrocarbons sector was attributed to two-digit growth in condensates and natural gas production.

"The pickup in non-oil activities is also reflected in improved labour market indicators," the report added. Private sector employment had year-on-year growth of 2%, the highest recorded in the last seven quarters.

Around 38,765 jobs were created in the fourth quarter of 2019.

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