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Inflation rate in the United Arab Emirates 2021

In 2017, the inflation rate of the United Arab Emirates was at 1.97 percent compared to the previous year. For 2018, estimates show a sharp increase of over 3.07 percent, before inflation slumps back to around 1.5 percent in 2021.

Oil is keeping everything afloat

The economy of the United Arab Emirates heavily relies on oil and its respective revenues. The UAE possess vast stable oil reserves, and crude oil production is steadily increasing. Naturally, oil exports – mostly to the Asia-Pacific region – are the main economic driver, and the industrial and services sectors have divided generation of GDP almost evenly among themselves. Oil has caused the UAE economy to thrive and caused an impressive trade surplus just a few years ago, before a dramatic (but still not overly concerning) slump.

Oil is dragging everything down

When oil prices decreased, so did the trade surplus, and inflation mirrored this by skyrocketing from around one percent to over four percent in three years. Another three years later, in 2018, it spiked again at over 3.5 percent – another response to dropping oil prices. Diversifying the economy is one way for the UAE to diminish oil’s monopoly; tourism has been a growing industry over the last few years and might just stabilize inflation if another oil price slump hits.

United Arab Emirates: Inflation rate from 1984 to 2021

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Source

Release date

April 2020

Region

United Arab Emirates

Survey time period

1984 to 2019

Supplementary notes

According to the source, due to the high level of uncertainty in current global economic conditions, the IMF projections for these indicators are provided only through 2021.

*Estimates.
Values have been rounded to provide a better understanding of the statistic.

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Statistics on "United Arab Emirates"

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