The UAE economy is growing and upward trend will continue throughout the year, according to OPEC analysis.
The Organisation of the Petroleum Exporting Countries (OPEC) confirmed that the UAE’s economy grew by 3.8 per cent in the first quarter of 2023.
In its September 2023 report, OPEC said it expects the UAE’s economic expansion to continue, noting that key sectors of the country’s economy have seen significant growth.
UAE economic growth
The OPEC report highlighted that the most prominent sectors with significant growth were transportation and storage (10.9 per cent), construction (9.2 per cent), and accommodation and food services (7.8 per cent).
The report also noted that the travel and tourism sector in the UAE is playing an important role in driving economic growth.
In the first half of 2023, the number of passengers at Dubai International Airport and international visitors to Dubai exceeded pre-pandemic levels.
According to the OPEC report, the number of international visitors to the United Arab Emirates is expected to increase by nearly 40 per cent in 2023, according to Oxford Economics.
This would exceed the 2019 level by 17 percent.
The report also stated that the country’s Central Bank has mirrored the interest rate policy of the US Federal Reserve, keeping the key interest rate unchanged at 5.4 per cent.
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