United Arab Emirates Economic Forecast

United Arab Emirates Economic Outlook

October 3, 2017

The economy continues to expand at a moderate pace, with the non-oil sector powering growth. In August, the PMI reached its highest level in over two years on the back of greater domestic and external demand, leading to further employment growth. A testament to the country’s economic strength came in September, when the economy was ranked the 17th most competitive in the world in the 2017 Global Competitiveness Report published by the World Economic Forum (WEF). In response to the strengthening economy, the Central Bank removed excess liquidity from the banking system for the second consecutive month in August. However, despite its multiple strengths and diversified economic base, the UAE is still running a budget deficit as a result of low oil prices. In order to strengthen the fiscal position, new excise taxes on tobacco, energy and fizzy drinks came into force on 1 October.

United Arab Emirates Economy Data

20122013201420152016
Population (million)8.89.09.39.69.9
GDP per capita (USD)41,68542,13642,33637,743-  
GDP (USD bn)365381394362-  
Economic Growth (GDP, annual variation in %)6.84.73.13.83.0
Consumption (annual variation in %)-18.9-1.625.3-13.111.7
Investment (annual variation in %)13.211.58.34.32.3
Industrial Production (annual variation in %)7.22.12.94.4-  
Unemployment Rate4.14.04.03.83.7
Fiscal Balance (% of GDP)10.910.45.0-2.1-  
Public Debt (% of GDP)17.015.815.618.119.3
Money (annual variation in %)2.922.87.95.53.3
Inflation Rate (CPI, annual variation in %, eop)0.61.43.13.61.2
Inflation Rate (CPI, annual variation in %)0.71.12.44.11.6
Policy Interest Rate (%)1.001.001.001.001.00
Exchange Rate (vs USD)3.673.673.673.673.67
Exchange Rate (vs USD, aop)3.673.673.673.673.67
Current Account (% of GDP)21.819.514.94.72.4
Current Account Balance (USD bn)79.774.158.717.011.1
Trade Balance (USD billion)14214112876.668.3
Exports (USD billion)360371368300299
Imports (USD billion)218230240224230
Exports (annual variation in %)19.13.1-0.9-12.4-0.6
Imports (annual variation in %)11.65.54.3-4.62.9
International Reserves (USD)47.068.278.493.985.4
External Debt (% of GDP)38.744.348.860.2-  

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United Arab Emirates Facts

ValueChangeDate
Exchange Rate3.670.0 %Oct 16
Stock Market0.40.0 %Oct 16

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United Arab Emirates Economic Growth

October 3, 2017

The economy should pick up speed next year thanks to higher oil prices, stronger external demand and greater fixed investment in preparation for the Dubai 2020 World Expo. FocusEconomics panelists expect GDP to rise 2.0% in 2017 and 3.1% in 2018, which is down 0.1 percentage points from last month’s forecast.

United Arab Emirates Economic News

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