UAE Central Bank estimates showed the UAE's real GDP growth of 2.9% in 2019, driven by a 1.1% increase in the non-hydrocarbon sector and a hydrocarbon sector that grew 7.6% due to the high increase in natural gas production and its condensate.
The real GDP in the UAE, according to the same estimates, increased by 1.3% in the fourth quarter of 2019, and the pace of real non-hydrocarbon GDP growth accelerated by 2.4% during the same quarter.
The increase in non-oil activities led to an increase in labor market indicators, as employment in the private sector gained more momentum by growing on a comparable annual basis by 2% in the fourth quarter, the highest growth in the past seven quarters, and 38,765 new jobs were created on a net basis in The fourth quarter of 2019.
Estimates indicate that economic confidence indicators have improved in the last quarter of the year, benefiting from an increase in government spending on an annual basis of 3.3% in the third quarter of 2019, compared to a decrease of 4.1% in the previous quarter, in addition to an increase on a quarterly basis by 4.2% In oil prices, which boosted confidence in the economy. In parallel, the labor and credit markets recorded a performance that increased employment in the private sector by 2% year on year, compared to an increase of 1.1% in the previous quarter.