The United Arab Emirates' economy grew at 2.9% year-on-year in 2019, up fro...
FILE PHOTO: General view of the ADNOC headquarters and Emirates Towers are seen in Abu Dhabi, United Arab Emirates, December 23, 2018. Picture taken December 23, 2018. REUTERS/Hamad I Mohammed
The country’s hydrocarbon sector grew at 7.6% in 2019, while the non-hydrocarbon sector expanded by 1.1%, the bank report said. The International Monetary Fund expects the UAE economy to expand at 2.5% in 2020 as oil producers will be hit by output cuts following the decision by OPEC and non-OPEC producers in December to extend supply cuts.
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