United Arab Emirates Economic Outlook
July 31, 2018
Economic activity appears to have been robust in Q2, supported by a pick-up in oil production, recent pro-business reforms and solid activity in the non-oil sector. The PMI rose to its highest level of the year in June, while in the same month the UAE exceeded its OPEC oil production target for the first time in 2018. New policies implemented in recent months—including a visa reform in May, a joint investment plan with Saudi Arabia, a large stimulus package in Abu Dhabi, and several measures aimed at cutting red tape and increasing the ease of doing business—have also been supportive of business confidence, which hit the highest level on record in the June PMI. Moreover, while employment growth remained negligible throughout the quarter, it appears poised to increase in Q3 as backlogs of work have reached historic highs. On July 29, the Abu Dhabi government announced it would allow GCC nationals to apply for its business license scheme without requiring an office and increased the scope of eligible industries, in a bid to reduce firm set-up costs and further attract new businesses.United Arab Emirates Economic Growth
Growth in the non-oil economy should accelerate this year on the back of strong investment. Notably, the large infrastructure push underway as part of the country’s preparation to host the 2020 World Expo, recent business-friendly reforms and stimulus, and a new investment law to be unveiled in Q4—which will authorize complete foreign ownership of firms in select sectors—will likely buttress investor confidence and provide a large boost to FDI inflows. In addition, the country can count on the dynamism of its tourism sector, especially in Dubai. FocusEconomics panelists expect GDP to increase 2.6% in 2018, which is unchanged from last month’s forecast, and 3.2% in 2019.United Arab Emirates Economy Data
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United Arab Emirates Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 3.67 | 0.0 % | Aug 07 |
| Stock Market | 0.4 | 0.75 % | Aug 07 |
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United Arab Emirates Economic News
United Arab Emirates: PMI loses ground in July on weaker new business growth and sluggish employment
August 12, 2018
The Emirates NBD Purchasing Managers’ Index (PMI) fell to 55.8 in July from 57.1 in June.
United Arab Emirates: Inflation ticks down in June
July 30, 2018
Consumer prices increased 0.37% in June from the previous month, contrasting the 0.06% month-on-month fall observed in May.
United Arab Emirates: PMI edges up to six-month high in June as strong orders growth causes a surge in backlogs
July 3, 2018
The Emirates NBD Purchasing Managers’ Index (PMI) increased to 57.1 in June, up from 56.5 in May and logging its best performance since December 2017.
United Arab Emirates: Inflation stable in May
July 1, 2018
Consumer prices fell 0.06% in May from the previous month, a softer decrease than the 0.23% month-on-month fall observed in April.
United Arab Emirates: PMI edges up in May on strengthening regional demand
June 5, 2018
The Emirates NBD Purchasing Managers’ Index (PMI) increased to 56.5 in May from 55.1 in April, on the back of higher domestic and regional demand which supported business activity.
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