United Arab Emirates: Growth decelerates to a five-year low in 2015 on low oil prices
February 3, 2016
Despite robust activity in the non-oil sector, the slump in global oil prices took its toll on the UAE economy. According to estimates from the Central Bank, the economy expanded 3.1% in 2015, which was below the 4.6% increase tallied in 2014. Moreover, the print represented the weakest growth since 2010.
The estimates reflect the negative impact of the poor performance in the oil sector. While oil GDP expanded 4.0% in 2014, growth in the same sector nearly halved and grew 2.2% in 2015. Despite decelerating, growth in non-oil GDP experienced a milder deceleration and expanded 3.7% (2014: +4.8%).