The UAE’s economy contracted by -0.3% year-on-year (y/y) in the first quarter (Q1) of 2020 – the first annualised contraction since Q4 2017, a report said. The non-oil sector declined by -1.9% y/y, offset by a rise of 3.3% y/y in the oil sector, primarily as oil production increased by robust 14.3% month-on-month (m/m) in March, said Mitsubishi UFJ Financial Group (MUFG), a Japanese bank holding and financial services company ...