UAE economy experiencing sustained momentum in 2022: OPEC
The OPEC Monthly Oil Market Report for December 2022 cited recent economic indicators suggesting strong growth has been maintained in most activities.
The UAE economy experienced sustained momentum in 2022, boosted by Expo 2020 and the easing of COVID-19 restrictions, according to the OPEC Monthly Oil Market Report for December 2022.
The report cited recent economic indicators that suggested the maintenance of strong growth in most activities, according to Emirates News Agency.
"The tourism sector, which accounts for around 6% of the UAE’s GDP, experienced strong growth and Dubai was again the world's busiest international airport, with passenger numbers for the first time exceeding pre-pandemic levels in 2Q22," the report said.
The report also indidated that the ongoing FIFA World Cup in Qatar would further boost the tourism sector's Q4 of 2022 GDP growth.
“In October, the S&P Global UAE PMI increased to 56.6 from 56.1 amid strengthening demand. The current expansion momentum might carry over to 2023 in line with government policies that aim to increase foreign direct investmen through eight comprehensive economic and trade agreements it expects to sign in the near term," the report noted.
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Edited by Teja Lele
