Current Account in United Arab Emirates
United Arab Emirates - Current AccountGrowth prospects appeared to improve in Q3. A high vaccination rate permitted the relaxation of Covid-19 curbs, with Dubai’s consumer confidence index hitting a 10-year high and the non-oil PMI averaging at a two-year high in the quarter. Momentum likely also strengthened in the oil sector: Oil production and prices averaged markedly higher in Q3 than in Q2. Turning to Q4, Expo 2020—which began in October—is boosting activity: In October, the non-oil PMI rose significantly and hotel occupancy rates surged. Moreover, oil production continued to increase in October amid still-elevated prices, boding well for the hydrocarbon sector. In politics, as part of efforts to diversify the economy away from oil and boost inward investment and migration, the government has announced an array of policies in recent weeks, including an easing of visa rules in Dubai, labor market reforms and new funds to support SMEs.
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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November 3, 2021
The IHS Markit Purchasing Managers’ Index (PMI) rose to 55.7 in October from September's 53.3.
October 18, 2021
Consumer prices rose 0.12% in September over the previous month, a smaller increase than the 0.43% rise seen in August.
October 13, 2021
Consumer prices increased 0.43% in August over the previous month, contrasting July's 0.07% fall.
October 5, 2021
The IHS Markit Purchasing Managers’ Index (PMI) came in at 53.3 in September, down from August's 53.8.
September 23, 2021
Consumer prices dropped 0.07% from the previous month in July, swinging from the 0.19% rise logged in June.