During the last decade the uae economy has shown steady growth and the value of total gdp has more than doubled. Ey growth drivers, designed to provide concise, thoughtprovoking and highly relevant input, in what is a very dynamic region. Pdf within last three decades both financial sector and uae economy as a whole experienced a remarkable growth. United arab emirates economic growth economic growth is expected to decelerate this year as stagnating output will weigh on the oil sector. Infrastructure developing and economic growth in united arab. This page provides united arab emirates gdp growth rate actual values, historical data, forecast, chart, statistics, economic calendar and news. Doing business in the uae opportunities oil prices are expected to stay high by historical standards over the near future. In q4 2018, however, economic momentum appears to have taken a hit due to the sharp deceleration. Dubai s economic growth will accelerate in 2019 and 2020, with tourism, logistics, transport, wholesale and retail sectors replacing the real estate as main growth driver next year, official data.
However, in that decade the uae experienced a real gdp growth which averages about 7 per cent. United arab emirates since the midseventies have led to high levels of economic growth and, hence, to an increase in income levels contributing thereby to. Real gdp growth rate and population growth rate in dubai %. From 2000 until 2012, the uae gdp growth rate averaged 4. It has maintained its position as the second largest economy in the arab world and one of the most important regional destinations for trade, investment and economic. Over the course of 2018, the central bank of the uae s overall augmented economic composite indicator, has shown that gdp growth has strengthened throughout the year on the back on higher oil prices, higher levels of production in the hydrocarbon sector.
Tourism and economic growth in the united arab emirates. The fiveyear average gdp growth rate had been expanding at a healthy 3 percent until the. This report is an executive summary of a technical report technical report that ey. It adds significantly to new economic growth, and is a major source of. In japan, korea, australia and indonesia, growth also hit hard then gradual recovery. The uae s economy, like others oil exporting countries, faced considerable oil price volatility in the 1990s7. Real gdp annual growth rates 1980 to 1999 uae and world economies. The uae s economy is at a turning point as governmentled stimulus, expo 2020 investment, higher oil prices and a pause in monetary tightening by the federal reserve, accelerate growth momentum. Uae economic growth momentum at turning point, says imf. The economy of the united arab emirates has slowly been climbing the ranks of the mostly free since 20.
Dubai expo 2020 will directly and indirectly via increased number of visitors influence dubai s economy. The gcc in 2020 outlook for the gulf and the global economy. While abu dhabi and other uae emirates have remained relatively conservative in. Uae gdp growth forecast to rise 4%5% from 2017 2020, driving projects rebound uae.
Financial sector development for promoting investment and sustainable growth in dubai 11 the dubai economic council dec would like to extend its sincere thanks and appreciation to deloitte corporate finance limited for sharing our vision and subsequently joining us. Uae construction market growth, trends, and forecast. United arab emirates gdp growth rate 20002019 data. Introduction of vat in uae and gulf region likely to hit economic growth economists worried that new taxes would contribute to the gulfs economic slowdown. Uae s real gdp growth is estimated to have recovered from 0. Gdp growth rate in the united arab emirates averaged 4. The uae has the worlds third highest gdp per capita in purchasing power parity terms. Downward pressure on oil prices, airtravel demand and tourism levelswith the key expo 2020 event at riskwill all hit growth prospects. Austerity measures weakened business and consumer confi. Much of this growth was created through diversification in nonoil sectors. Gdp annual growth rate in the united arab emirates averaged 3.
Diversification and development of the uaes economy munich. As us economic growth has slowed, gcc investors have begun to diversify their assets. Project activity in the uae is forecast to recover in 2017 after a difficult 2016 on the back of a strong recovery in economic growth, according to a new report from middle east business intelligence service meed. Beyond 2017, overall gdp growth is expected to recover to 2. We hope that our efforts to help businesses and governments understand each others concerns take us a further step in helping to build a better working world.
Abu dhabi introduced a 4 percent munici pality fee on. According to the economic report 2018 released by the uae s ministry of economy, the uae attracted about usd 10. Dubais economic growth will accelerate in 2019 and 2020. The uae is forecast to achieve an average real gdp growth rate of 3. The present report examines the healthiness of the uae economy, focusing throughout on selected macroeconomic indicators. United arab emirates gdp annual growth rate 20002019. This page provides united arab emirates gdp annual growth rate actual values, historical data, forecast, chart, statistics, economic calendar and news. United arab recent developments gres and higher fees. Economy on recovery path gdp growth to nearly double in 2020 to 3 per cent. The uae continues to be a strategic hub, with businessfriendly free zones and a quickly growing economy.
Financial sector development for promoting investment and. The uae economy has proven its resilience and ability to sustain growth despite such pressures and economic difficulties. United arab emirates gross domestic product growth 2024. There is a direct impact of international tourism in dubai on its economic growth. Outlook for the gulf and the global economy is a white paper written by the economist intelligence unit and sponsored by the qatar financial centre qfc authority. Gerard gallagher managing partner ey advisory services. Imf forecasts faster uae growth driven by expo 2020. It has maintained its position as the second largest economy in the arab world and one of the most important regional destinations for trade, investment and economic activities. Coronavirusrelated economic disruptions are the key risks to the outlook. The expansion of the labor force contributed to the uaes economic growth. Real gdp annual growth rate % gcc countries i uae, qatar and saudi. Average gdp growth over 2000 to 2006 in the uae was about 8.
In 2011, the government announced a multiyear infrastructure investment plan for the. After outpacing the rest of the gcc in economic growth in 2017, the uae is set to almost double its expansion rate in 2018, the latest report by a panel of economists reveals. More than 85% of the uaes economy was based on the oil exports in 2009. United arab emirates economy gdp, inflation, cpi and. The uae has the worlds third highest gdp per capita in purchasing power parity. The rapid socio economic developments witnessed by the state of the united arab emirates since the midseventies have led to high levels of economic growth and, hence, to an increase in income levels contributing thereby to higher living and consumption standards of both uae.
Based on extended 19732003 time series data, this research attempts to find the. The uae s economic outlook remains stable, despite a slowing. The uae s economy continues to slow down as a result of low oil prices and fiscal consolidation weighing on nonoil growth. Dubai 2017 2016 overview and 2017 outlook the eiu forecasts that real gdp growth in the uae will rebound in 2018, averaging 3. Within last three decades both financial sector and uae economy as a whole experienced a remarkable growth. In particular, in 2012 the economy of the united arab emirates has witnessed a growth of about 4 per cent despite the difficulties posed by the eurozone and the global outlook negative. Impact less severe in other economies but still hit. Uae s gdp has now exceeded 1 trillion dirhams, from 11 billion dirhams in 1973, depicting a rate of economic expansion that has exceeded even that of singapore. Figure 1 united arab emirates annual gdp growth rate. Global economic prospects examines trends for the world economy and how they affect developing countries. The economy of the united arab emirates or uae is the second largest in the middle east after saudi arabia, with a gross domestic product gdp of usd 414 billion aed 1.
Overall growth picked up in early 2018 driven by nonoil activity, the spike in oil production and improved market sentiment. Introduction of vat in uae and gulf region likely to hit. Uae high growth markets country profile high oil revenues and a moderate foreign policy stance have enabled the uae to play a vital role in the affairs of the gulf region. For more than three decades, oil and global finance drove the uae s economy. In 2019 however, the pace of recovery will be muted by opec oil production cuts in the first half of 2019. Oil production capacity is expected to increase and the strength of the nonoil economy will boost prospects particularly later in the forecast period as megaproject implementation ramps up ahead of dubai s hosting of expo 2020 expected to draw in 25 million visitors. Uae economic growth set to double news khaleej times.
Despite the impact of the 2009 downturn, the tourism and financial. The event should be hugely beneficial, provided that it is. In another positive development, moodys upgraded its outlook for uae from negative to stable in may 2017 citing an effective policy response to the low oil prices and improved economic performance. The uae was ranked first among the countries most attractive to foreign direct investment in the middle. Economic diversification into gas, tourism, financial services and hightech industries offers some protection against volatile oil prices.
The uaes economy, like others oil exporting countries, faced considerable oil price volatility. Construction activity in dubai is estimated to remain robust in the next two years with developments related to expo 2020 being one of the main factors driving the sector growth. The statistic shows the united arab emirates uae gross domestic product growth from 2014 to 2017, with projections up until 2024. It also provides valuable insights on the uae s current and predicted market and economic conditions based on its preparedness and efforts to create legislations towards a futureoriented and resilient economic system and forecasts the growth patterns from oil to nonoil markets, domestic trade and. The report includes countryspecific threeyear forecasts for major macroeconomic indicators, including commodity and financial markets.
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