Abu Dhabi – Mubasher: Non-oil sector in the UAE is expected to grow 3% year-on-year in 2017, according to a report released by the Emirati Central Bank (CBUAE).

The recovery of oil prices boosted the non-oil sector and promoted investors’ confidence in the UAE’s economy, the central bank added.

Generally, the gross domestic product (GDP) growth may increase by 1.6% in 2017, compared to 3% in the year-ago period, the CBUAE remarked.

The UAE’s central bank ascribes the growth to the shrinking of oil sector, following the output cut, under a global agreement among oil producers.