Choose your website / عربي Choose your website and language
Monthly Insights: August 2023
Khatija Haque - Head of Research & Chief Economist
Edward Bell - Senior Director, Market Economics
Daniel Richards - MENA Economist
Mayed Alrashdi - Economist
Published Date: 14 August 2023
Major economies continue to show signs of resilience to the scale of monetary tightening taken by central banks. GDP data for both the US and UK has surprised on the upside for Q2 while labour market conditions in the US still look strong this far into the rates cycle. Inflation too is cooling but we expect the Federal Reserve will want to see more entrenched signs of disinflation before it is prepared to shift to an accommodative stance at the end of H1 2024.
Economies across the GCC are being weighed down by lower oil production as OPEC+ has extended and deepened its production cuts. That will put more of the burden on the non-oil sectors to support growth in the region. Dubai’s economy is coming off a high base in 2022 though sectors like transport and tourism are still reporting growth. We now expect Dubai’s GDP to expand by 4% this year, slightly slower than the 4.4% growth recorded in 2022 and lower than our previous forecast of 5%.
RELATED ARTICLES
Dubai: Transport & storage sector to remain a key driver of growth
25.09.2023
UAE and KSA PMIs slip in August
05.09.2023
Dubai GDP growth slowed in Q1 2023
14.08.2023
Saudi government investment spending rose in Q2 23
04.08.2023
GCC PMIs indicate strong growth at the start of H2 2023
03.08.2023
LATEST ARTICLES
Dollar to ride out 2023 on strong footing
27.09.2023
Dubai PMI slows in August
11.09.2023
Extension of Saudi cuts will keep oil market tight
06.09.2023
