UAE economic growth of 2018 and 3.8% in 2019

The Institute of Chartered Accountants of England and Wales (ICAEW), in its latest Economic Outlook: Middle East for the second quarter of 2018, sees the UAE's economy recovering 2017 difficulties, when it slows growth to its lowest level in seven years last year to only 1.5%. Overall, UAE GDP growth is expected to accelerate to 2.6 percent in 2018 and to around 3.8 percent in 2019. But the organization warns that public prices are expected to increase as the price increases. inflation will reach 4% this year.
Economist: The Middle East for the second quarter of 2018, prepared by Oxford Economies, a partner of the Institute of Chartered Accountants (ICAEW), specializing in economic forecasting, said that the growth of the economy is expected. Emirati economy would be fueled by the recovery of oil prices. Tourism is booming, only attractive In anticipation of the prolongation of the OPEC agreement until the end of 2018, we expect the growth of the oil sector will be limited this year, as much as the UAE has increased their production by 124% on average during the first three months of the year.
In contrast, the non-oil sector showed significant resilience last year, despite an unfavorable macroeconomic environment and the regional economic slowdown, growing by 3%. The non-oil sector is expected to grow to 3.7% in 2018, stimulated by better commercial incentives, a thriving business and tourism environment and increased public spending. As the UAE is a very open economy with a total trade value of more than double the country's GDP, any growth in regional and global economic activity will contribute positively to UAE's economic output this year.
The outlook for the tourism industry is very positive. The number of passengers transiting through Dubai Airport has increased 5.5% from one year to the next in 2017. The average hotel occupancy has exceeded 86% over the past year. first two months of the year, and this trend is expected to continue in 2018.
The UAE Federal Government is expected to increase its spending by 5.6% from one year to the next, while that Dubai, traditionally 25-30% of the UAE's GDP, will increase its spending by 20% in anticipation of Expo 2020, with infrastructure allocations alone up 46.5%. The UAE continues to maintain its position as the top destination in the Middle East and North Africa for foreign direct investment, attracting $ 11 billion in 2017.