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Exports drive growth in Saudi and UAE

By TRENDS Desk
August 9, 2022 1:39 pm
  • In May Saudi Arabia's non-oil sector of the economy continued strong growth, notching its 21st consecutive month of expansion
  • In the United Arab Emirates, non-oil sector grew in May to a five-month high as demand remained strong despite inflationary pressures

Dependence on oil to propel economic growth in Saudi Arabia and the United Arab Emirates has considerably gone down in the recent years.In fact, it is the non-oil sector that has fueled growth in the two economies of the Middle East.

In May Saudi Arabia’s non-oil sector of the economy continued strong growth, notching its 21st consecutive month of expansion, as demand resisted rising output costs

In the United Arab Emirates, non-oil sector grew in May to a five-month high as demand remained strong despite inflationary pressures.

The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) rose to 55.6 in May from 54.6 in April, rising further above the series average since 2009 of 54.1.

 

 

 

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