According to the Central Bank, positive macroeconomic developments during the first three quarters of the year (nine months) were reflected in the labor market, where private sector employment increased by 1.1% in the third quarter of this year, compared to 1% in the previous quarter of The same year.
In a quarterly review report issued yesterday, the Central Bank said that the total net work permits issued recently in the UAE increased by 111 thousand permits in the first nine months of 2019, compared to the corresponding period of the previous year.
Dubai recorded the highest increase of 59.5% of net new permits since the beginning of the year, equivalent to 82.3 thousand new permits from the beginning of the year until the end of last September, compared to 65.6 thousand permits in the same period last year, a growth of 25.3%.
Remittances from overseas workers grew by 4.8% in the third quarter compared to the same period last year to 43.4 billion dirhams over a three-month period.
He forecast total real GDP to grow by 2.3% in 2019, driven by growth in the non-oil sector.
The central bank attributed the improvement in the forecasts to higher public and private spending across the UAE and each emirate and increased investment ahead of Expo 2020 Dubai.
Private sector employment gained momentum and confirmed its recovery in the first three quarters of this year, posting a year-on-year growth of 1.1% in the third quarter.