OPEC confirms that the UAE economy expanded by 3.8% in the first quarter of the year
The Organization of the Petroleum Exporting Countries (OPEC) confirmed that the UAE economy expanded by 3.8%.
This is only in the first quarter of 2023.
In its September 2023 report, OPEC said it expects the UAE economy to continue its expansionary trend.
Since the vital sectors of the country’s economy have seen significant growth.
Also you can read: UAE the First in Investment Opportunities in MENA Region.
Significant growth of the economic sectors in the UAE reached Up to 10.9%.
The OPEC report said that the most prominent sectors recorded significant growth.
For example: transportation and storage sector annual increase reached 10.9%.
Also, construction sector growth reached 9.2%, and the accommodation and food services sector growth reached 7.8%.
Moreover, the report pointed out that the travel and tourism sector in the UAE plays an important role in driving economic growth.
Since the number of passengers at Dubai International Airport and international visitors to Dubai exceeded pre-pandemic levels in the first half of 2023.
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As per the OPEC report, the number of international visitors to the UAE will increase by nearly 40% this year.
According to other estimates by Oxford Economics, the UAE is surpassing the 2019 level of visitors by 17%.
In addition, the report explained that the UAE Central Bank has mimicked the interest rate policy of the US Federal Reserve.
By keeping the main interest rate unchanged at 5.4%.
We should mention that the UAE Participated in the 8th OPEC International Seminar on 5-6 July 2023 under the theme:
‘Towards a Sustainable and Inclusive Energy Transition’
And also, the Seminar has discussed the future of energy along with sustainability achievement “Energy Security”.
Overall, the outlook for economic growth in the UAE in 2023 appears positive.
Also, the economy is expected to continue to recover from the effects of the COVID-19 pandemic.