United Arab Emirates Economic Outlook
October 5, 2021The economy likely continued to gain steam in Q3. The non-oil private sector PMI averaged at the highest level in two years, signaling that business conditions improved more rapidly. Moreover, the readings indicated that employment increased in the quarter, likely supporting consumption. The oil sector also improved: Oil production averaged higher in July–August than in Q2, with August’s reading marking a 16-month high. Furthermore, August’s OPEC+ meeting will have likely provided a boost to the oil sector through September, while a high vaccination rate bodes well for the non-oil sector heading into Q4. In other news, on 5 September the government announced proposals to boost inbound FDI as part of its strategy to diversify away from oil, with the ongoing Expo 2020 seen as a key event to boost investment and growth.
United Arab Emirates Economic GrowthIn 2021 and 2022, 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 Expo 2020, which started in October this year. The oil sector is seen dragging on overall growth in 2021, but should rebound in 2022, although regional tensions cloud the outlook. FocusEconomics panelists forecast GDP to expand 2.7% in 2021 and 4.4% in 2022, which is down 0.1 percentage points from last month’s forecast.
United Arab Emirates Economy Data
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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
September 23, 2021
Consumer prices dropped 0.07% from the previous month in July, swinging from the 0.19% rise logged in June.
September 19, 2021
Consumer prices increased 0.19% from the previous month in June, coming in below the 0.25% increase seen in May.
September 5, 2021
The IHS Markit Purchasing Managers’ Index (PMI) came in at 53.8 in August, down from July's 54.0.
August 3, 2021
The IHS Markit Purchasing Managers’ Index (PMI) climbed to a two-year high of 54.0 in July, up from June's four-month low of 52.2.
July 5, 2021
The IHS Markit Purchasing Managers’ Index (PMI) ticked down to a four-month low of 52.2 in June from May's 52.3.