United Arab Emirates GDP

United Arab Emirates

United Arab Emirates: Economy accelerates in 2014

July 2, 2015

In 2014, the economy expanded 4.6%, according to data released by the National Bureau of Statistics. The figure marked an improvement over the 4.3% increase observed in the previous year.

The expansion in 2014 came on the back of an improvement in the external sector, while domestic demand deteriorated over the previous year. Private consumption swung from a 6.0% increase in 2013 to a 0.3% decrease in 2014, while growth in government spending accelerated from 1.4% in 2013 to 3.7% in 2014. Fixed investment recorded a 3.6% expansion, which was significantly down from the 8.3% increase observed in the previous year.

On the external side of the economy, exports expanded 8.2% in 2014, which marked a significant improvement over the 4.5% increase seen in 2013. In contrast, growth in imports dropped from 6.5% in 2013 to 6.1% in 2014.

FocusEconomics Consensus Forecast participants see the economy growing 5.6% in 2015, which is down 0.1 percentage points from last month’s forecast. For 2016, panelists project that the economy will expand 5.9%.

Author:, Senior Economist

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United Arab Emirates GDP Chart

UAE GDP Annual July 2015

Note: Year-on-year changes of GDP in %
Source: National Bureau of Statistics.

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