Macro - Country Economic Forecasts - United Arab Emirates

Macro - Country Economic Forecasts - United Arab Emirates

The latest Dubai airport data highlight the rebound in travel and tourism activity in the UAE. While Dubai airport traffic was still below pre-Covid levels, it hit its highest level since 2019 Q4 and is expected to exceed pre-Covid levels by year-end 2023. The UAE's PMI eased to 54.1 in January from 54.2 in December as slower global growth weighed on exports. Still, with a strong expansion of non-oil business activity, signalled by the rise in output and new orders, businesses remain optimistic. We expect non-oil GDP growth to expand about 3.9% in 2023 after growing 6.6% in 2022 and for overall GDP to grow 3.2% this year.

United Arab Emirates : Travel and tourism to continue to support growth
Forecast overview
Recent developments
Short-term outlook
Key drivers of our Short-term Forecast
Economic risk
Economic risk evaluation
risk warnings
What to watch out for
Exposure to Key global risks
Economic development
Policy and Politics
Structure of the economy
Structure of trade

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