United Arab Emirates Economic Outlook
June 7, 2022Conditions in H1 2022 should be robust so far. The oil sector benefitted from the combined effects of the gradual pickup in production through April and elevated prices. For the first time in two years, the UAE shipped oil to Europe, as the latter tries to move away from dependence on Russian oil. The non-oil sector likely contributed to a solid performance as well, as the PMI signaled continually strengthening conditions through April. Further, the UAE and Israel signed their first free trade agreement, reflecting increasing ties between the countries. Meanwhile, the UAE’s crypto-friendly stance is attracting business and could lead the UAE to become a crypto-hub. In politics, Sheikh Mohammed bin Zayed al-Nahyan—the former crown prince of Abu Dhabi—was named president of the UAE on 14 May, following his brother’s death. The transfer of power should not bring any changes in policy.
United Arab Emirates Economic GrowthEconomic growth is seen further accelerating this year from 2021’s rebound, largely on a booming oil sector. Growth in the non-oil sector will be broadly unchanged, but the government’s reform agenda will sustain its robust performance. That said, regional tensions, volatile oil prices, U.S. monetary policy and new Covid-19 variants are key risks. FocusEconomics panelists forecast GDP to expand 5.4% in 2022, which is up 0.2 percentage points from last month’s forecast, and 4.5% in 2023.
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
April 5, 2022
The S&P Global Purchasing Managers’ Index (PMI) came in at 54.8 in March, matching February's reading.
March 3, 2022
The IHS Markit Purchasing Managers’ Index (PMI) came in at 54.8 in February, up from January's 54.1.
February 3, 2022
The IHS Markit Purchasing Managers’ Index (PMI) fell to 54.1 in January from December's 55.6.
January 19, 2022
Consumer prices increased 0.02% over the previous month in December, coming in below November's 0.59% rise.
January 5, 2022
The IHS Markit Purchasing Managers’ Index (PMI) came in at 55.6 in December, down from November's 55.9.