UAE’s GDP expected to contract 5.2% in 2020 – CBUAE

  • Date: 24-Sep-2020
  • Source: Mubasher
  • Sector:Economy
  • Country:UAE
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UAE’s GDP expected to contract 5.2% in 2020 – CBUAE

UAE - Mubasher: The UAE's gross domestic product (GDP) is expected to contract by 5.2% in 2020 due to the coronavirus (COVID-19) pandemic, according to the Central Bank of the UAE (CBUAE) announced in its quarterly review.

Previously, the CBUAE forecast that the UAE's GDP would shrink 3.6% in 2020.

During the second quarter (Q2) of 2020, the country's GDP declined by around 7.8% after contracting 0.8% in the previous quarter.

The CBUAE referred that the UAE's economy has been hit by the suspension of flights, lower industrial production due to supply chain disruptions, limited export opportunities, and lower domestic demand amid COVID-19.

Moreover, the UAE's non-oil GDP fell by about