Dubai: The UAE Central Bank announced that the country’s gross domestic product (GDP) grew 2.2 per cent in the first quarter of 2019 from a year earlier.
According to a report issued by the central bank, the UAE’s non-oil economy increased by 1.6 per cent in the first quarter of the year compared to the same period of 2018, report agencies.The UAE revised downwards its expectations for economic growth in 2019, to 2 per cent this year from 3.5 per cent earlier, the central bank said in May.
The report also showed a drop in the consumer price index (CPI) inflation during the first quarter of 2019 as the impact of VAT has faded. On a quarterly basis, employment in the private sector rose by 1.2 per cent in the first quarter of this year.
Private sector deposits continued to rise during the first quarter of 2019. Total credit continued to grow as well for most economic sectors. Financial safety indicators continued to support the banking system in the UAE.