Analysis by Region - Emerging Markets - United Arab Emirates

Analysis by Region - Emerging Markets - United Arab Emirates

Recent PMI readings suggest activity in the UAE has stayed resilient. The September survey rose to 56.7 as new orders climbed by the most since mid-2019 and business confidence was at its highest since 2020. Due to continued solid momentum across the economy and stronger-than-expected data for H1, we've upgraded our non-oil growth forecasts to 5.2% from 4.2% previously for 2023 and to 3.8% from 3.5% for 2024. As OPEC+ production quotas keep dragging down growth, we expect overall GDP to expand by 2.4% this year.