The International Monetary Fund (IMF) expected the nominal GDP of the United Arab Emirates (UAE) to grow 4.7 percent to 1.673 trillion dirhams (450 billion U.S. dollars) in 2019, official Emirates News Agency (WAM) reported Wednesday.

The increase indicates UAE's robust economic growth on a policy of resource diversification in the past few years, the IMF said.

Meanwhile, the UAE's central bank expected the country's real GDP to increase 4.2 percent in 2019, where oil and non-oil sectors will grow 5.2 percent and 3.7 percent respectively.

Notably, this expected GDP leap can also be attributed to the continuous improvement in the oil prices as the average rate for a barrel per day (bpd) is expected to increase to 72.3 dollars in 2019 from 71.9 dollars in 2018, according to the IMF statistics.