World News | UAE’s Economy to Continue Its Robust Performance in 2023: OPEC Monthly Report
Get latest articles and stories on World at LatestLY. The Organisation of the Petroleum Exporting Countries (OPEC) forecast that the UAE’s economy will continue its robust performance in 2023, after recording a growth of 7.9 per cent year-on-year in 2022
Vienna [Austria], August 10 (ANI/WAM): The Organisation of the Petroleum Exporting Countries (OPEC) forecast that UAE’s economy will continue its robust performance in 2023, after recording a growth of 7.9 per cent year-on-year in 2022.
According to OPEC's Monthly Oil Market Report for August, this robust performance will be delivered through constant contributions from the non-oil sector, especially from tourism, leisure and real estate.
Also Read | Imran Khan Meets Wife Bushra Bibi at Attock Prison for First Time After His Arrest in Toshakhana Case.
The report revealed that the country's Global Purchasing Managers’ Index (PMI) was almost unchanged in July, standing at 56, following 56.9 in June and compared to a level of 55.5 in May. This suggests that the expansionary trend will be maintained.
Meanwhile, the UAE's real estate market remains on an upward trajectory, the report further showed, with H1'23 seeing a substantial surge in overall property transactions. This played a role in driving up residential property prices in Dubai by 16.9 per cent YoY as of June, as reported by REIDIN.
Also Read | Pakistan PM Shehbaz Sharif Holds Consultations With Opposition Leader Raja Riaz To Appoint Interim Premier.
Finally, the Central Bank of the UAE (CBUAE) mirrored the 25 bp increase in interest rates implemented by the US Federal Reserve in July, putting the key-policy rate at 5.4 per cent and resulting in a total rise of 525 bp in just over a year. The short-term interest rate is now approaching its highest level since before the global financial crisis. (ANI/WAM)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)