Abu Dhabi, (Business News Report)|| The inflation rate in the United Arab Emirates (UAE) reached 3.35% during the first quarter of this year, reaching 102.7 points.
Earlier, the International Monetary Fund expected that the inflation rate in the UAE will reach 3.7% this year, and that it will decline next year to 2.8%.
The UAE inflation rate is among the lowest levels in the world.
A group of international international economic institutions and bodies expected that the UAE’s economy would witness growth during the coming period.
According to the World Bank’s Global Economic Prospects report issued during the month of June, the UAE economy is expected to grow this year at 4.7%.
The report was based on the continuous development in the capital markets, the increase in the flexibility of the labor market and the acceleration of the pace of technological innovation, indicating that it expected growth in the years 2023 and 2024 to reach 3.4% and 3.6%, respectively.
In turn, the Organization of Petroleum Exporting Countries (OPEC) confirmed its positive expectations regarding the economic recovery of the UAE, in its monthly report issued last month, on the developments of its economic outlook for the current year.
The report included reference to positive expectations due to the improvement of economic indicators in the UAE, supported by the easing of restrictions related to the pandemic, and the improvement in fossil fuel prices.
The Central Bank of the UAE raised its estimates of real GDP growth in the country to 4.2% next year 2023, compared to 3.3% previously.
In its annual report for 2021, the Central Bank estimated the growth of non-oil GDP by 3.9% in 2023, compared to 3.3% in its previous estimates.
It also expected oil GDP to grow by 5% in 2023, compared to 3.4% in its previous forecast.
The inflation rate in the UAE is among the lowest in the world, while the country is witnessing significant economic growth rates.
The media office of the UAE government also stated that the country’s inflation rate was among the lowest in the world during the first quarter of 2022.
The Federal Competitiveness and Statistics Center also stated that the inflation rate in the UAE is far from the significant rises that have swept most economies around the world during the recent period.
He pointed out that the rate of inflation recorded during the first quarter of this year was less than the expectations of concerned international institutions in this regard.