Current Account in United Arab Emirates
United Arab Emirates - Current AccountThe economy seemingly started to recover in the third quarter, after the second quarter’s sharp contraction. In September, the PMI moved back into expansionary territory and recorded the best reading in 11 months, signaling an improvement in the business conditions of the non-oil private sector. However, the reading showed that employment levels continued to decrease, albeit at a slower pace than in August. Moreover, oil production hit a near-decade low in Q3, amid constrained output and low global prices, likely weighing on government finances. Additionally, the sharp increase in new Covid-19 cases through September–October poses a threat to the recovery, as restrictions could be tightened again. In other news, on 20 October the UAE and Israel struck a preliminary deal for the oil exporter to send oil directly to Europe via an Israeli pipeline, boding well for the UAE’s oil exports.
United Arab Emirates - Current Account Data
|Current Account (% of GDP)||4.9||3.7||7.1||9.6||7.0|
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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May 5, 2020
The IHS Markit Purchasing Managers’ Index (PMI) dropped to a new record low of 44.1 in April from 45.2 in March.
May 1, 2020
Consumer prices fell 0.89% month-on-month in March, following February’s 0.26% decrease.
April 14, 2020
Consumer prices fell 0.26% month-on-month in February, following January’s 0.09% decrease.
April 5, 2020
The IHS Markit Purchasing Managers’ Index (PMI) slumped to a record low of 45.2 in March from 49.1 in February.
March 3, 2020
Consumer prices fell 0.09% month-on-month in January, following December’s 0.23% decrease.