Macroeconomic Forecast UAE

Recently released trade data from the Federal Customs Authority (FCA) is raising concerns that brewing global headwinds are starting to weaken the UAE's macroeconomic outlook. According to the FCA, growth in the value of total non-oil exports and re-exports slowed to 21.4% y-o-y and 7.0% in May respectively, down from 58.8% and 14.4% in April. While concerns surrounding a possible double-dip recession in the United States have only recently returned to the fore of investors' radars since the start of H2, weaker growth momentum in the UAE's key export markets (particularly India and Iran, which collectively absorb over half of the country's non-oil exports and re-exports) has been apparent for some time.

To read the full article, please choose one of the following options: