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SURGE IN OIL PRODUCTION

UAE GDP grows 4.4 per cent in Q4 2018

ABU DHABI, March 12, 2019

Driven by increased buoyancy in non-oil sector, and accelerated growth in oil production from October to December 2018, the UAE gross domestic product (GDP) grew by 4.4 per cent in Q4 2018 as compared to the corresponding period of 2017, according to Central Bank of UAE statistics.

A CBUAE Quarterly Review indicated slower oil prices in Q4, during which rates increased by 9.8 per cent against 44.5 per cent in preceding quarter, reported state news agency Wam.

On a quarterly basis, prices were down 10.2 per cent after they had been up 1.0 per cent in Q3.

In the meantime, real non-oil GDP remained resilient in Q4 with economic sentiments indicators relatively improving, and domestic credit to private sector up 3.9 per cent by the end of December as compared to the corresponding period in 2017.

In the meantime, retail loans remarkably increased during the same period by 8 per cent after they were down 1 per cent by the end of September 2018.




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