Macro - Country Economic Forecasts - United Arab Emirates

Macro - Country Economic Forecasts - United Arab Emirates

We've lowered our 2023 GDP growth forecast for the United Arab Emirates (UAE) by 0.3ppts to 2.2% to reflect a weak Q1 outturn. We now see the non-oil economy expanding by 4.2% this year, rather than our projection of 4.5% last month. While oil output cuts have weighed on overall growth and are likely to continue to do so, domestic demand and government diversification policies will keep the non-oil sector robust.