Macro - Country Economic Forecasts - United Arab Emirates
We continue to expect non-oil GDP in the UAE will grow by 4.6% this year. But momentum in the UAE economy appears to be slowing, so we think non-oil growth will ease to 4.1% in 2025. In July 2024, the UAE's private sector marked its slowest improvement in almost three years, with the PMI slipping to 53.7 from 54.6 in June. Competitive conditions, rising price pressures, and capacity overloads contributed to this trend, although sales and exports remained favourable.
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