Inflation rate in the United Arab Emirates 2024

United Arab Emirates: Inflation rate from 1984 to 2024 (compared to previous year)

by H. Plecher, last edited Sep 11, 2019
Inflation rate in the United Arab Emirates 2024 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 3.08 percent, before inflation slumps back to around two percent in 2019.
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.
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United Arab Emirates: Inflation rate from 1984 to 2024 (compared to previous year)

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