United Arab Emirates Economic Outlook
January 14, 2020Economic growth was likely tepid in the second half of last year, although firm data is still outstanding. The non-oil private sector PMI weakened throughout H2, and in December posted the lowest reading in over a decade due to meek demand conditions and weak production. However, the oil sector should have provided some support thanks to higher output, notwithstanding OPEC+ production cuts. In other news, the UAE cabinet recently approved a multi-entry five-year tourist visa for all nationalities, which aims to create jobs and boost the tourism industry going forward. Moreover, Dubai approved its 2020 budget in late December, forecasting a 17% annual spending increase in preparation for the Expo 2020, which should support growth this year.
United Arab Emirates Economic GrowthThe economy is projected to gain momentum this year as Expo 2020 bolsters the tourism sector. That said, further OPEC production cuts will cap the performance of the oil sector. Meanwhile, volatile oil prices and regional geopolitics pose downside risks for the UAE economy. FocusEconomics panelists expect GDP to increase 2.2% in 2020, which is down 0.2 percentage points from last month’s forecast, and 2.4% in 2021.
United Arab Emirates Economy Data
5 years of United Arab Emirates economic forecasts for more than 30 economic indicators.
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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 7, 2020
Consumer prices increased 0.12% month-on-month in November, contrasting October’s 0.16% decrease.
January 6, 2020
The IHS Markit Purchasing Managers’ Index (PMI) was ticked down to 50.2 in December from 50.3 in November—the lowest reading since records began in August 2009.
December 5, 2019
The IHS Markit Purchasing Managers’ Index (PMI) was ticked down to 50.3 in November from 51.1 in October—the lowest reading since August 2009.
October 23, 2019
Consumer prices increased 0.33% month-on-month in August, contrasting July’s 0.79% fall.
October 3, 2019
The IHS Markit Purchasing Managers’ Index (PMI) ticked down to 51.1 in September from 51.6 in August.