Dubai, United Arab Emirates (CNN) – The UAE Central Bank revised its forecast of real GDP, projecting a rise in contraction to 6% this year compared to a previous forecast of 5.2%.
In its periodic review of the third quarter, the Central Bank said that although economic activity partially recovered in the third quarter after the end of the closures in the country and the resumption of international travel, the recovery was not at the expected level, in addition to the growth of financial spending weaker than expected and the second wave of Corona injuries on At the global level, which caused the GDP growth forecast to be revised and raised to about negative 6%.
The Central Bank expects real GDP to recover to 2.5% in 2021, driven by fiscal spending, rebound in credit and employment, and the relative stability of the real estate market, which is supported by the recovery in confidence and Dubai Expo 2021.
The CBE also expected non-oil GDP growth of 3.6%, to remain stable after the OPEC + production schedule.
