ABU DHABI 24 February 2020: The UAE’s overall real gross domestic product (GDP), is estimated to have grown by 2.9 percent in 2019, the Central Bank of the UAE revealed.
According to the Central Bank’s ‘Quarterly Review Report’ for Q4 of 2019, this rise in GDP was driven by the growth in the non-hydrocarbon sector, estimated at 1.1 percent, as well as the 7.6 percent growth of the hydrocarbon sector during 2019.
The Central Bank attributed the “significant growth” in the hydrocarbon sector to the two-digit growth in the sector’s condensates and natural gas production, said Wam.
“The pickup in non-oil activities is also reflected in improved labour market indicators,” the report continued, noting that private sector employment had picked up further year-on-year growth momentum of two percent.
This growth, the Central Bank report noted, was the highest growth registered in the last seven quarters, adding that some 38,765 new jobs were created in the fourth quarter of 2019.