Current Account in United Arab Emirates
United Arab Emirates - Current AccountEconomic 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 - Current Account Data
|Current Account (% of GDP)||18.3||13.3||4.9||3.7||7.3|
5 years of economic forecasts for more than 30 economic indicators.
United Arab Emirates Current Account Chart
Source: Central Bank of United Arab Emirates.
United Arab Emirates Facts
|Exchange Rate||3.67||0.0 %||Dec 31|
|Stock Market||0.1||0.75 %||Jan 07|
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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.