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 The UAE economy, the second largest in the Arab world, is projected to grow by around three per cent in 2015, aided by relatively strong growth in the non-oil sector.

Projections by the Central Bank showed earlier GDP would rise by 3.1 per cent in 2015 while the non-oil sector would growth by 3.5 per cent.

But the bank, in a report released on Sunday, said that according to forecasts in its new complex economic indicator announced this week, GDP will grow by three per cent and the non-oil sector by about 3.5 per cent.

“GDP growth this year is supported by the non-oil sector. This shows that the policy of diversifying sources of income is paying off,” the report said.

It said GDP would grow this year despite weak oil prices, noting that crude prices plunged by nearly 51 per cent in the third quarter compared with the third quarter of 2014. In the second quarter, they dipped by 18 per cent over the same period of 2014.

The report showed the deficit in the federal budget was slashed by around 26 per cent to Dh8.9 billion in the second quarter of this year from Dh12.1 billion in the first quarter.