Qatar  | عربي

 
QNB Group has published the UAE Economic Insight 2013 report. The report looks at recent macroeconomic developments and presents QNB Group revised forecast of key economic indicators for 2013-14. The following bullet points summarize the main insights:
 
 
• We forecast real GDP growth to slow to 4.0% in 2013 and 3.8% in 2014 as the recovery in the non-oil sector is offset by a slowdown in oil and gas
 
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• Oil production growth is expected to slow because of delays in issuing contracts and uncertainty over the 2014 expiration of the 35yr concession on Abu Dhabi’s onshore oil fields
 
• The non-oil sector will be buoyed by continued strong private sector consumption growth and large construction projects more than offsetting a slowdown in government expenditure
 
• Downside risks to this scenario include lower global economic activity and further declines in oil prices
 
• Inflation is expected to remain moderate over the medium term
 
• Lower oil revenues will also lead to a narrowing of the national fiscal surplus to 5.0% in 2013 and 3.5% of GDP in 2014
 
• The current account surplus is expected to narrow slightly in 2013-14, owing to lower oil prices and import growth, linked to rising domestic demand
 
• The banking sector is expected to contribute to the real estate and construction recovery. Banks are likely to focus on higher net-worth depositors as they face some competition from shadow banking in the lower income segment
 
 
Other recent QNB Economic Insight reports include Kuwait, Jordan, Qatar and Oman. QNB Group operates in 26 countries in Europe, the Middle East and Africa and Asia and its economic reports leverage its knowledge of these markets to provided added value for its clients and counterparties.
 

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