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Free Zones Of UAE
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- Ahmed Bin Rashid FZ (ABRFZ)
- Ajman Free Zone (AFZ)
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UAE Freezones Biz News Updates
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UAE to be fastest growing GCC economy in 2019: IIF
UAE's real GDP to grow 3.1 per cent in 2019 compared to 2.9 per cent
estimated for 2018
The UAE will be the fastest growing economy in the GCC region this year
along with Oman, driven by non-oil sector, Dh50 billion Abu Dhabi stimulus
package and projects linked to Expo 2020 Dubai, according to a new report
released on Wednesday.
The Institute of International Finance (IIF) analysts projected the UAE's
real GDP to grow 3.1 per cent in 2019 compared to 2.9 per cent estimated for
2018. But growth is projected to slow down to 2.7 per cent in 2020. Nominal
GDP is estimated to increase from $434 billion (Dh1.592 trillion) in 2018 to
$444 billion (Dh1.629 trillion) in 2019 and $458 billion (Dh1.681 trillion)
in 2020.
Taimur Khan, Research Manager, Knight Frank, said in an another UAE research
that outlook for the UAE's GDP growth in 2018 and 2019 remains positive on
the back of higher oil prices, a range of stimulus packages and easing of
business regulations in both Abu Dhabi and Dubai, which are likely to
support activity in both the public and private sectors.
International Monetary Fund had predicted 3.7 per cent growth for the UAE
for 2019 in its October forecast. While World Bank on Tuesday predicted 2
per cent in 2018 which is expected to accelerate to 3.0 per cent in 2019 and
3.2 per cent in 2020 and 2021.
According to IIF forecast, Oman's real GDP growth is also projected at par
with the UAE at 3.1 per cent for this year and 3.4 per cent in 2020. While
Saudi Arabia's real GDP is predicted to grow 2 per cent in 2019, Kuwait at
0.4 per cent, Qatar at 2 per cent and Bahrain at 2.4 per cent.
"Consumer inflation will ease in 2019 in Saudi Arabia and the UAE after the
VAT related spike in 2018. Downward pressure from the low rental prices will
persist," IIF analysts said.
In 2018, higher oil prices enabled temporary improvements in the external
and fiscal positions of the GCC countries.
"We see the aggregate current account surplus declining from $153 billion in
2018 to $86 billion in 2019 due to lower oil prices and export volumes. We
also expect the aggregated fiscal deficit to widen again from 1.4 per cent
of GDP in 2018 to around 4.0 per cent in 2019 and 2020, and the public debt
to rise to 45 per cent of GDP by 2020," said Garbis Iradian, chief
economist, Mena, IIF.
January 9, 2019 |
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Courtesy Galadari Printing and Publishing LLC
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