The Central Bank of the United Arab Emirates expects the recovery of Emirati economic activity to start in the second half of 2020.
The economic activities in the first quarter of 2020 witnessed mixed movements, as the UAE economy performed well during the first two months of the year.
The bank confirmed - in the audit report for the first quarter of 2020 issued today - that the support program directed by the central bank and economic stimulus packages announced by local governments will likely have a positive impact on the PMI, real estate prices, employment and credit growth with a positive impact on The general feeling.
The Central Bank stated that the average oil production of the UAE will reach 2.984 million barrels per day during the year 2020, in line with the OPEC + agreement.
On the other hand, the Central Bank report showed that the labor market in the UAE witnessed activity during the first quarter of 2020, as employment in the private sector increased by 1.3% on a quarterly basis and 2% on an annual basis in the first quarter of the year compared to an increase of 0.3% And 0.2%, respectively, in the previous quarter.
Private sector jobs reached 5.1 million, with 64,000 new jobs being added in the first three months of this year.
In 2019, private sector jobs increased in line with non-hydrocarbon GDP, as the coefficient of correlation between increased jobs and non-oil output increased by 70% in the recent period.
Jobs in the real estate, business services and other sectors increased year on year in the first quarter by 7.1% and 11.3% compared to 6.35 and 10.5% in the previous quarter.
Employment in the manufacturing sector, which constitutes about 9.2% of the total employment in the private sector, continued to grow by 1.3% on an annual basis, the same rate recorded in the first quarter of 2020 ... In addition, employment in the transport and storage sector increased And communications, by 0.9% on an annual basis.