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.
Author: Dirina Mançellari, Senior Economist