The Economist Intelligence Unit expected in a recent report that the real GDP growth rate for the UAE will reach 3.8% annually in 2020-2023, due to an expected recovery in global oil prices.
The unit mentioned in the report that the UAE economy grew by 2.8% in 2018 in real terms, in real terms.
The report said that the real GDP growth in the UAE was mainly driven by the increase in oil production, which was achieved mainly in the last quarter of the year, and improved market sentiment.
He explained that oil prices increased by more than 30% on an annual basis in the fourth quarter of 2018, and oil production increased by about 9% on an annual basis, which supported strong growth for the whole year.
The Economist added that the UAE central bank expects real GDP growth of 3.5% in 2019 based on strong non-oil growth expectations of 3.4% driven by stimulus packages announced by Dubai and Abu Dhabi in late 2018.
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