Economy
U.A.E. Central Bank Turns More Downbeat on 2019 Outlook Than IMF
(Bloomberg) – Economic growth in OPEC’s third-biggest producer this year will fall far short of previous estimates and could undershoot the latest projections from the International Monetary Fund, according to the central bank of the United Arab Emirates.
Gross domestic product will expand only 2% in 2019, compared with a previous forecast for 3.5% published in March, the central bank said in its annual report. The IMF sees a pickup to 2.7% from 1.7% last year.
The oil economy is set to grow 2.7%, a downward revision from 3.7%, according to the central bank. The non-oil economy will expand an estimated 1.8%, versus an earlier forecast for 3.4%, it said.
Read more: U.A.E. Economic Growth Accelerates in 2018 But Misses Estimates
The central bank singled out a deceleration in oil production as a drag on the economy, with crude output forecast at 3.1 million barrels a day in 2019 from an average of 3.3 million in the fourth quarter of 2018.
The Organization of Petroleum Exporting Countries and its allies have been cutting supplies to counter a global supply glut and have suggested they may extend production cuts beyond June.
-
Oil & Gas1 month ago
Oman Oil Exports Exceed 135.3m Barrels by End of June 2024
-
Energy2 months ago
VIDEO: Dr. Firas Al-Abduwani Discusses Green Hydrogen, Potential Regions for Development & Creating a Green Ecosystem
-
Hospitality2 months ago
OMRAN Group Achieves RO31.6M Net Profit, 44.6% Revenue Growth
-
Energy2 months ago
Oil Futures Rebounds Over US$1 After 7-Week Low
-
Leaders Speak2 months ago
VIDEO: Discussing The Future of Green Hydrogen in Oman with H.E. Salim Al Aufi
-
Interviews2 months ago
VIDEO: Talking Latest Developments in Aircraft Ground Guidance & More at Oman Airports
-
News2 months ago
Nikkei Closes with Largest Point Drop in History
-
Technology2 months ago
Celebrating Infoline’s Remarkable 20-Year Journey