UAE – Mubasher: The gross domestic product (GDP) in the UAE is likely to grow by 4.6% or AED 70 billion in 2020 to AED 1.59 trillion from AED 1.52 trillion in 2019, according to a report by the Central Bank of the UAE (CBUAE).

The nation’s non-oil sector output at current prices is expected to rise by 5% or AED 59 billion to AED 1.23 trillion for the next year, versus AED 1.17 trillion this year, Al Bayan newspaper reported, citing the CBUAE.

Meanwhile, the oil output is likely to increase by 3.3% to AED 366 billion in 2020 from AED 354 billion this year.

The report also added that the current oil output is expected to fall by 9.9% or AED 39 billion as compared with 2018.

The central banks projected the state’s GDP at fixed prices to grow by 2.6% to AED 1.51 trillion in 2020, while the non-oil and the oil sectors are likely to increase by 3% and 1.3%, respectively.

Moreover, the inflation rate has been estimated at 2% for the coming year, up from 1.2% this year, the CBUAE added.

The UAE oil output is expected to drop this year to 3.1 million barrels per day (mbpd) in 2019, compared to an average production of 3.28 mbpd in the fourth quarter of 2018, the report indicated.