Dubai, Abu Dhabi Non-Oil GDP to Grow on State Spending, IMF Says

(Bloomberg) -- Dubai’s economy is expected to grow 4.2% in 2019 after 3.4% this year as the government ramps up its spending on construction before Expo 2020 and as global trade recovers, Natalia Tamirisa, IMF mission chief for the United Arab Emirates, says in interview.

• Dubai’s economy expanded 2.8% in 2017
• Abu Dhabi’s non-oil GDP grew 1.8% in 2017
  • Abu Dhabi’s non-oil GDP is set to advance 3.3% in 2019 vs 2.5% this year
• Oil price to hover around $60 until 2023
  • NOTE: Oil Gains as Mideast Tensions Flare After Trump Quits Iran Deal
• U.A.E. policy makers should gradually step up fiscal consolidation once private sector demand picks up
• NOTE: Last year, U.A.E. Non-Oil GDP to Grow on Global Trade Recovery, IMF Says

©2018 Bloomberg L.P.