The UAE economy is anticipated to increase approximately 3% in 2015, supported by fairly robust development growth in the non-oil sector.
UAE economy is also known as the second largest in the Arab world.
Projections by the Central Bank revealed earlier GDP would increase by 3.1% in 2015 while the non-oil sector would increase by 3.5%. Forecasts also divulged that in its new complex economic gauge, GDP will increase. GDP intensification this year is supported by the non-oil sector. This explains that the strategy of diversifying sources of income is paying off.
It stated that GDP would amplify this 2015 regardless of weak oil rates, marking that crude rates plummeted by almost 51% in the third quarter compared with the third quarter of 2014. In the second quarter, they dropped by 18% in the same period of 2014.
The statistics explained the deficit in the federal budget was cut by about 26% to Dh8.9 billion in the second quarter of 2015 from Dh12.1 billion in the first quarter.
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