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UAE Central Bank Expects Real GDP Growth to Reach 4.2% in 2023

UAE Central Bank Expects Real GDP Growth to Reach 4.2% in 2023
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UAE Central Bank Expects Real GDP Growth to Reach 4.2% in 2023

UAE Central Bank Expects Real GDP Growth to Reach 4.2% in 2023

The United Arab Emirates' central bank said on Wednesday it expects real GDP growth to reach 4.2 percent next year, up from its earlier forecast of 3.3 percent.

The central bank estimated the non-oil GDP growth to reach 3.9 percent in 2023 compared with previous estimates of 3.3 percent, while the oil GDP growth to reach five percent in 2023 compared with earlier estimates of 3.4 percent.

The bank had projected real GDP growth to reach 5.4 percent in 2022 after the growth jumped to 3.8 percent in 2021.

According to the estimates of the central bank, the non-oil GDP growth rose 5.3 percent in 2021, and is expected to reach 4.3 percent in 2022 in light of sustainable government spending, a positive outlook for loan growth, and the improvement in business sentiment.

The oil GDP growth is anticipated to grow 8 percent in 2022, due to the expected recovery in global demand, as well as the recovery of the transport and travel sector, and production increase of OPEC member countries.

On the other hand, the bank’s statistics showed that credit facilities granted by national banks to the business and industry sectors in the country rose by 2.6 billion dirhams ($707 million) in two months.

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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.