(MENAFN- Khaleej Times) The UAE economy grew 2.2 per cent in the first quarter of 2019, supported by a robust government and strong private sector performance, the Central Bank of the UAE said on Sunday.
In its quarterly review, the central bank added that the UAE's non-oil sector rose 1.6 per cent in the three-month period. Real gross domestic product is projected to grow by 2 per cent over the coming period. This would be driven by an expected growth of 2.7 per cent and 1.8 per cent in the oil and non-oil sectors, respectively.
Inflation declined in the first quarter, with recruitments by the private sector recovering by 1.2 per cent during the period.
Private sector deposits continued to rally as well during the same quarter.
Expat remittances hit Dh38.4B
Meanwhile, remittances from expats in the UAE hit Dh38.41 billion in the first quarter, the central bank revealed.
A total of Dh25 billion was transferred through money exchange companies; the rest were from banks.
India was the top-receiving country, comprising 37.4 per cent of total remittances during the period. It was followed by Pakistan, the Philippines, Egypt, Bangladesh, the US, the UK, Jordan, China and Switzerland.
-
MENAFN2306201900490000ID1098676477
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.