The projections for 2021 and 2022 are stronger than in the October 2020 WEO. Outlook 2021: UAE's economic recovery in 2021. United Arab Emirates Economic Outlook. 65 billion in 2020 and . Meanwhile, the UAE central bank's zero-cost loan facility under the Targeted Economic Support Scheme runs until mid-2022, with loan deferral extended to the end of 2021. November 2, 2021. At Fitch Solutions, we forecast the UAE's current account surplus to increase from 5.8% of GDP in 2020 to 7.7% of GDP in 2021 and 7.9% of GDP in 2022. Medium-term growth is projected to average 5.3% over the forecast period. It predicts growth in private spending, non-oil GDP, tax and tourism revenues, with additional expenditure on consumer goods . We forecast consolidated UAE government debt at 34.5% of GDP in 2021, below the 'AA' category median of 44%. Dubai, UAE, Oct. 11, 2021 /PRNewswire/ -- Under the theme 'Galvanising Action for a Sustainable Recovery,' Dubai Electricity and Water Authority (DEWA) and the World Green Economy Organization . Key Takeaways - We expect GDP growth to recover in the United Arab Emirates (UAE) this year from the sharp recession of 2020 triggered by the COVID-19 pandemic and low oilprices. Heavy GDP losses are observed across all MENA country groups. Headline inflation is rising alongside the domestic economic recovery, although it remains negative; we forecast average inflation at -0.5% and 1.1% this year and next, the . The UAE's per capita GDP is on par with those of leading West European nations. Looking ahead, the UAE's GDP is forecast to expand by 1.1% in 2021 and by 4.0% in 2022, according to data from Oxford Economics. And the outlook for 2021-22 is looking more positive than expected… In April, the IMF more than doubled the UAE [s GDP forecast from 2020, with its 2021 outlook predicting 3.1% growth. The non-oil private sector PMI averaged at the highest level in two years in the quarter, while Dubai's consumer confidence index hit a 10-year high, indicating . However, despite this shock, the UAE's commendable handling of the pandemic and fiscal and monetary stimulus plans have seen recovery ensue in these and other sectors. Published by Statista Research Department , Apr 20, 2021. Looking ahead, the UAE's GDP is forecast to expand by 1.1% in 2021 and by 4.0% in 2022, according to data from Oxford Economics. Read More. The United Arab Emirates' (UAE) Foreign Investment Attraction Outlook for 2020/2021 Overview of the UAE's response to the pandemic. Outlook 2021: UAE's economic recovery in 2021. United Arab Emirates. Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. According to new figures released by the Central Bank of the UAE on Thursday, real GDP will rebound to positive growth of 2.5 percent in 2021. The construction market crisis in Dubai has been impacted by the COVID-19, which led to the halt of construction work. That . Brussels urges caution despite strong economic growth forecasts. After a contraction of real GDP in 2020 due to pandemic related disruptions, the UAE's economy is showing signs of recovery in 2021 driven by a successful vaccination program and a reduction in OPEC+ oil production cuts. Over the medium term the recovery will be bolstered by trade and tourism as health concerns wane. This page provides - United Arab Emirates GDP Growth Rate - actual values, historical data, forecast . The UAE construction market was valued at USD 101.45 billion in 2020, and it is expected to reach a value of USD 133.53 billion by 2026, registering a CAGR of 4.69% over the period of 2021-2026. Key Market Trends Tourism Construction in Dubai to Boost the Construction Sector The UAE construction market is expected to grow at a brisk rate during the forecast period on account of upcoming events in the UAE, i.e., Expo 2020 (originally scheduled for 20 October 2020 - 10 April 2021. Global growth is projected at 6% in 2021, moderating to 4.4% in 2022. It will rise to about 38% of GDP by 2023 due to moderate oil prices, a gradual recovery of the non-oil sector and the ramping up of the FG's debt issuances. Abu Dhabi: The UAE's main economic indicators will achieve their highest growth rates in a decade during 2022 with the support of Expo 2020, Egypt-based investment bank Beltone has forecast. The United Arab Emirates economy contracted 5.8% last year but is likely to post 2.5% growth this year, the UAE central bank said in a report on Thursday. The GDP level in 2021 for developing oil importers is forecast to be 9.3% below the counterfactual GDP level without the pandemic. The emirate's gross domestic product is expected to expand 3.4 per cent in 2022. GDP Growth Rate in the United Arab Emirates averaged 4.23 percent from 2000 until 2019, reaching an all time high of 9.80 percent in 2006 and a record low of -5.20 percent in 2009. For more than three decades, oil and global finance drove the UAE's . UAE economy to grow 2.5% in 2021 after . The construction industry in the United Arab Emirates (UAE) is expected to rebound in 2021, growing by 3.1% in 2021, following a decline of 4.8% registered in 2020. (Twitter) Dubai to merge tourism and economy departments During this period, Abu Dhabi and Dubai are expected to record growth rates of 1.6% and 5.4% in 2021. The economic rebound was in large part . A possible transfer of power in Abu Dhabi from the current ruler, who is in poor health, to the crown prince will be smooth. Oct 24, 2021. Updated 27 October 2021. UNITED ARAB EMIRATES. The upward revision reflects additional fiscal support in a few large economies, the anticipated vaccine-powered recovery in the second half of . UAE MARKET REVIEW AND FORECAST 2021 UAE MARKET REVIEW AND FORECAST 2021 Due to the continuing influx of supply - where in 2020, 35,808 units were delivered - and existing vacancy in the market, average rents in Dubai have fallen by 12.2% in 2020, up from the 8.1% decline registered a year earlier. They were joined in 1972 by Ra's al Khaymah. Dubai: The UAE economy will have a 1.3 per cent real GDP growth in 2021 following a 6.6 per cent contraction this year, the IMF says in its latest World Economic Outlook Report. The Non-GCC oil-exporting countries are Algeria, Iran, Iraq, Libya, and Yemen.

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