United Arab Emirates Economic Outlook
September 7, 2021Activity likely continued to gain traction in Q2. The non-oil private sector PMI averaged higher overall compared to Q1, signaling business conditions improved at a faster pace. Moreover, June’s reading showed the first increase in employment levels in five months, likely supporting consumption. Meanwhile, Q2 oil production was higher than in Q1. Turning to Q3, the economy appeared to steam ahead, as in July–August the PMI averaged at the highest level in two years, and oil production continued to increase in July, with output marking an 11-month high. Moreover, from 1 August OPEC+ began further easing production cuts, and in the same month the successful vaccination program enabled the government to open up inbound travel to all vaccinated visitors, boosting the important tourism industry and suggesting a bright economic panorama ahead.
United Arab Emirates Economic GrowthIn 2021, the economy should return to growth. Activity should be fostered by a robust rebound in the non-oil sector as the key tourism industry recovers, amid the lifting of restrictions and Dubai’s six-month long World Expo 2020, which starts in October. That said, the oil sector is seen dragging on overall growth, while regional tensions cloud the outlook. FocusEconomics panelists forecast GDP to expand 2.6% in 2021, which is down 0.1 percentage points from last month’s projection, and 4.3% in 2022.
United Arab Emirates Economy Data
5 years of United Arab Emirates economic forecasts for more than 30 economic indicators.
Get a sample report showing our regional, country and commodities data and analysis.
United Arab Emirates Facts
|Exchange Rate||3.67||0.0 %||Dec 31|
|Stock Market||0.1||0.75 %||Jan 07|
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
United Arab Emirates Economic News
July 2, 2021
Consumer prices increased 0.25% in May over the previous month, moderating from the 0.44% rise logged in April.
June 30, 2021
Consumer prices increased 0.44% in April over the previous month, accelerating from the 0.06% rise recorded in March.
June 25, 2021
Consumer prices increased 0.06% in March over the previous month, swinging from the 0.41% drop recorded in February.
June 3, 2021
The IHS Markit Purchasing Managers’ Index (PMI) ticked down to 52.3 in May from April’s 21-month high of 52.7.
May 4, 2021
The IHS Markit Purchasing Managers’ Index (PMI) inched up to a 21-month high in April, clocking in at 52.7, up from March’s 52.6.