United Arab Emirates Economic Outlook
January 11, 2022Momentum likely picked up in Q4. The non-oil PMI averaged at a more than two-year high in the quarter and hotel occupancy rates surged through November amid the ongoing Expo 2020, while Dubai residential real estate dynamics also improved. Moreover, the oil sector benefited from rising production as OPEC+ curbs were eased, while higher oil prices buoyed government coffers—although the effect of higher prices on growth will likely be more restrained than in past years as the extra funds are channeled to longer-term investments rather than immediate spending. In addition, diversification efforts intensified in the quarter, with the latest reform a move to a Western-style working week. Nonetheless, heading into 2022 activity is likely being back by Omicron, with Abu Dhabi recently tightening entry requirements.
United Arab Emirates Economic GrowthGrowth should speed up this year as oil output rises, with the non-oil sector offering further support: A high vaccination rate and the six-month Expo 2020 will boost spending, while the government’s reform agenda should boost investment. Regional tensions, potentially volatile oil prices and the Omicron variant are key risks. FocusEconomics panelists forecast GDP to expand 4.5% in 2022, which is up 0.1 percentage points from last month’s forecast, and 3.7% in 2023.
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United Arab Emirates Facts
|Exchange Rate||3.67||0.0 %||Dec 31|
|Stock Market||0.1||0.75 %||Jan 07|
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United Arab Emirates Economic News
January 5, 2022
The IHS Markit Purchasing Managers’ Index (PMI) came in at 55.6 in December, down from November's 55.9.
December 19, 2021
Consumer prices increased 0.59% in November over the previous month, coming in below October's 0.70% rise, amid weaker price pressures for food and transport.
December 7, 2021
The IHS Markit Purchasing Managers’ Index (PMI) rose to 55.9 in November from October's 55.7.
November 3, 2021
The IHS Markit Purchasing Managers’ Index (PMI) rose to 55.7 in October from September's 53.3.
October 18, 2021
Consumer prices rose 0.12% in September over the previous month, a smaller increase than the 0.43% rise seen in August.