UAE economy to continue its strong performance in 2023: OPEC monthly report

VIENNA: The Organization of the Petroleum Exporting Countries (OPEC) has forecast the UAE economy to continue its strong performance in 2023 after recording 7.9 percent year-on-year growth in 2022.

According to OPEC’s monthly oil market report for August, this strong performance will be driven by steady contributions from the non-oil sector, particularly from tourism, leisure and real estate.

The country’s global Purchasing Managers’ Index (PMI) was almost unchanged at 56 in July, compared to 56.9 in June and 55.5 in May. This suggests that the expansion trend will continue.

Meanwhile, the UAE’s real estate market is on an upward trajectory, the report further showed, with H1’23 witnessing a significant surge in overall property transactions. This played a role in boosting residential property prices in Dubai by 16.9 per cent as of June, according to the REIDIN report.

Finally, the Central Bank of the UAE (CBUAE) mirrored the 25 bp increase in interest rates implemented by the US Federal Reserve in July, keeping the key policy rate at 5.4 percent, resulting in a total increase of 525 bp. year. Short-term interest rates are now approaching their highest levels before the global financial crisis.

READ  Will Guyana's record economic growth benefit the people of remote Essequibo?

Dodaj komentarz

Twój adres e-mail nie zostanie opublikowany. Wymagane pola są oznaczone *