CAIRO, May 4 (Reuters) - The United Arab Emirates’ central bank announced on Monday that estimates indicate that the overall real GDP has grown by 1.7% in 2019, state news agency WAM reported.
The central bank also said that the hydrocarbon sector is estimated to have grown 3.4% in 2019, while non-oil activities advanced at a softer pace growing by 1.0%, WAM reported.
“The spread of Covid-19 is expected to impact trade and supply chain movements, coupled with travel restrictions which paves way for high volatility in capital markets and commodity prices. While the outbreak is expected to negatively affect the global and domestic economies, it is still early to gauge the scale of the economic fallout,” the central bank added. (Reporting by Nayera Abdallah; Editing by Sandra Maler)