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UAE economic activity spikes in 1H22 on back of easing pandemic, high oil prices

The UAE economic activities have sustained strong growth momentum through first half of 2022.
By TRENDS Desk
July 13, 2022 2:48 pm
  • Confidence in the positive short-term economic outlook increased despite the current decline in the Purchasing Managers' Index, the MOMR noted
  • The June PMI declined to 54.8 from 55.6 in the prior month, marking the 19th-straight month of growth in non-oil private economic activities, the report added

The United Arab Emirates (UAE) economic activities have sustained strong growth momentum through first half of 2022 driven by Expo Dubai 2020,  the easing of pandemic-related restrictions as well as above-average crude oil prices, according to OPEC’s Monthly Oil Market Report (MOMR) for July 2022.

”Confidence in the positive short-term economic outlook increased despite the current decline in the Purchasing Managers’ Index (PMI) reading amid further anticipated global as well as local demand recovery namely in the tourism sector, the MOMR noted.

”The June PMI declined to 54.8 from 55.6 in the prior month, marking the 19th-straight month of growth in non-oil private economic activities, supported by a sharp rise in new orders amid stronger domestic demand and foreign demand,” it indicated.

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