December 4, 2019 / 12:37 PM / a month ago

CORRECTED-UAE economy to grow by 2.3% in 2019 -

(Corrects 2018 growth in second paragraph to 1.7%, not 1.3%)

DUBAI, Dec 4 (Reuters) - The economy in the United Arab Emirates (UAE) is projected to grow by 2.3% in 2019, the country’s central bank said on Wednesday, trimming its forecast from September when it said the Arab world’s second-biggest economy would grow by 2.4%.

The economy grew by 1.7% in 2018.

The central bank said the improved growth outlook for 2019 compared to last year is due to rising public and private spending at the federal and emirate levels, higher investment ahead of the Dubai Expo 2020 event and continued regional economic recovery.

The UAE central bank also cited data from consultancy Reidin as showing a 6.9% drop in residential prices in Dubai in the third quarter from a year earlier, and an annual 8.2% drop in Abu Dhabi home prices during the same period. (Reporting by Saeed Azhar, editing by Davide Barbuscia)

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