The UAE Central Bank expected that the UAE economic activity will begin recovery in the second half of 2020.
According to the Emirates News Agency, the bank confirmed - in the audit report for the first quarter of the year 2020 issued today - that it is likely to affect the support program directed by the bank Central and economic stimulus packages announced positively by local governments on PMI, real estate prices, employment and credit growth with a positive impact on public sentiment.
The central bank stated that the average oil production of the UAE will reach 2.984 million barrels per day during the year 2020, in line with the OPEC + agreement.
Economic activities in the first quarter of 2020 witnessed mixed movements, as the UAE economy performed well during the first two months of the year.
On the other hand, the report of the Central Bank showed that the labor market in the UAE witnessed activity during the first quarter of the year 2020, as employment in the private sector increased by 1.3% over Quarterly basis and 2% year-on-year in the first quarter of the year compared to an increase of 0.3% and 0.2% respectively in the previous quarter.
The number of jobs in the private sector reached 5.1 million, as 64,000 new jobs were added in the first three months of this year.
In 2019, private sector jobs increased in line with non-hydrocarbon GDP, as the coefficient of correlation between increased jobs and the increase in non-oil output reached 70% in the recent period.
Jobs in the real estate sector, business services, and other sectors increased year on year in the first quarter by 7.1% and 11.3% compared to 6.35 and 10.5% in the previous quarter.
Employment in the manufacturing sector, which constitutes about 9.2% of the total employment in the private sector, continued to grow by 1.3% on an annual basis, which is the same rate recorded In the first quarter of 2020 ... In addition, employment in the transport, storage and communications sector increased by 0.9% on an annual basis.
