The UAE’s economy will grow at 2.3% this year, slower than the 2.6% rate projected for 2016, according to the latest data from the central bank, NewsNow reported. “The slowdown is driven mainly by the fiscal consolidation and the expected fall of oil production in 2017 following the commitment of the UAE to the Opec production cut decision,” the bank said in its latest economic review. This year the oil sector will expand at a rate of 0.8%, while non-oil growth will be at 2.9%. Consumer prices rose 2.2% in the fourth quarter as rents and utility costs increased.
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