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UAE: Growth estimates slashed as government cuts fees again

The Central Bank of the UAE has cut its GDP growth forecast for this year to 2%, down from a figure of 3.5% it had been touting as recently as March. The bank expects non-oil GDP growth to rise from 1.3% last year to 1.8% this year, while the oil sector – hemmed in by production restrictions agreed via the Organisation of the Petroleum Exporting Countries – is predicted to grow by 2.7% this year, down from 2.8% in 2018.

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