Home Industry Energy OPEC: UAE economy experiencing sustained momentum in 2022 According to the OPEC monthly oil market report for December, recent economic indicators suggest strong growth has been maintained in most activities by Gulf Business December 14, 2022 The UAE economy has experienced sustained momentum in 2022, boosted by Expo 2020 and the easing of COVID-19 restrictions, according to the OPEC monthly oil market report for December. The report cited recent economic indicators suggesting strong growth has been maintained in most activities. “The tourism sector, which accounts for around 6 per cent of the UAE’s GDP, experienced strong growth and Dubai was again the world’s busiest international airport, with passenger numbers for the first time exceeding pre-pandemic levels in 2 Q22,” added the report. Considering the FIFA World Cup in Qatar, the report continued, tourism growth might increase further and boost 4 Q22 GDP growth. “In October, the S&P Global UAE PMI increased to 56.6 from 56.1 amid strengthening demand. The current expansion momentum might carry over to 2023 in line with government policies that aim to increase foreign direct investment through eight comprehensive economic and trade agreements it expects to sign in the near term,” the report noted. Tags OPEC 0 Comments You might also like OPEC+ unlikely to move oil output before June meeting Oil market sees frenzy of hedge fund buying as traders turn bullish: Opinion Morgan Stanley expects oil prices to climb to $90 per barrel by summer 2024 IEA raises oil demand outlook again but still lags OPEC