Real estate sector employment rate rose by 4.4% in first quarter of 2019


ABU DHABI, 11th July, 2019 (WAM) -- According to statistics from the UAE Central Bank, the employment rate of the UAE’s real estate sector rose by 4.4 percent in the first quarter of 2019, compared to the same period in 2018.

Private sector employment witnessed steady quarterly rises, increasing by 1.2 percent in the first quarter of this year, compared to a 0.6 percent drop in the previous quarter.

The employment rate of other sectors also rose in the first quarter of 2019, growing by 2.7 percent while the real estate sector saw a rise of 2.5 percent, compared to 1.3 percent and 0.5 percent, respectively, in the previous quarter.

The transport, storage and communication sectors witnessed the lowest quarterly increase by 0.1 percent, compared to a decline of 1.5 percent in the previous quarter. Construction and services rose quarterly by 0.9 percent and 0.4 percent, compared to a decline of 1.2 percent and 1.1 percent in the preceding quarter, respectively.

The rise in employment in all economic sectors coincided with an increase in the number of loans provided to the private sector, which continued to rise in the first quarter of 2019.

Total credit increased on a quarterly basis by 1.3 percent in the first quarter of 2019, compared to an increase of 0.9 percent in the previous quarter. Credit provided to the construction and real estate sector increased quarterly by 2.5 percent, while the mining sector registered a rise of 8.2 percent, and the electricity, gas and water sectors and transportation sector by 8.4 percent and 0.2 percent, respectively.

Credit provided to all economic sectors increased by 3.8 percent in the first quarter of 2019, compared to an increase of 3.9 percent in the previous quarter.

 

WAM/Esraa Ismail/Rasha Abubaker