UAE GDP grew 2.9% in 2019

Sunday, 23 February 2020 19:54

The UAE's economy grew by an estimated 2.9 per cent in 2019.

That's according to the latest data from the Central Bank, which says the overall rise in Gross Domestic Product (GDP) was driven by the 7.6 per cent growth in the oil sector.

Meanwhile, the non-oil industry expanded by 1.1 per cent.

The report also shows that private sector employment during the fourth quarter of 2019 registered a 2 per cent increase year-on-year.

As many as 38,765 new jobs were created during Q4, which was the highest growth in the last seven quarters.

More from Business

Salik reports AED 2.3 bln of revenue in 2024

Salik Company, Dubai's exclusive toll gate operator, has announced its financial results for year-ended December 31, 2024, with total revenue for the full year growing by 8.7 per cent year-on-year (YoY) to reach AED 2.3 billion.
Trump hits Canada, Mexico, China with steep trade tariffs

US President Donald Trump's new 25 per cent tariffs on imports from Mexico and Canada took effect on Tuesday, along with a doubling of duties on Chinese goods to 20 per cent, launching new trade conflicts with the top three US trading partners.
Canada's retaliatory tariffs on US goods to start Tuesday

Canada will impose 25 per cent tariffs on C$155 billion (AED 392 billion) worth of US goods from Tuesday if US President Donald Trump's administration follows through with its proposed tariffs on Canadian goods, Prime Minister Justin Trudeau said on Monday.
ADNOC, Austria’s OMV to create $60 bln joint venture

ADNOC and Austria’s OMV will merge their shareholdings in Borouge plc and Borealis AG to create Borouge Group International, creating a $60 billion (AED 220 billion) chemicals joint venture.