{"id":89764,"date":"2024-03-07T00:00:00","date_gmt":"2024-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/fresh-macro-figures-point-to-a-solid-2023\/"},"modified":"2024-03-07T00:00:00","modified_gmt":"2024-03-07T00:00:00","slug":"fresh-macro-figures-point-to-a-solid-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/07\/fresh-macro-figures-point-to-a-solid-2023\/","title":{"rendered":"Fresh macro figures point to a solid 2023"},"content":{"rendered":"

2023 was an all-round good year for the economy: <\/strong>A fresh batch of new macroeconomic figures for 2023 from the Central Bank of the UAE (CBUAE) and the Federal Competitiveness and Statistics Center point to signs of growth in the banking system and the economy last year. <\/p>\n

SLOWER INFLATION- <\/p>\n

#1- Inflation eased last year across the UAE to 1.6%<\/strong>, down from the 4.82% in 2022, Argaam<\/a> reports, citing data from the Federal Competitiveness and Statistics Center. The figure falls below the 2.4% inflation figure projected by the CBUAE in its quarterly economic review (pdf)<\/a>. <\/p>\n

The biggest drivers of inflation: <\/strong>Restaurants and hotels saw the biggest jump, up 6.63% in comparison to 2022, while the food and beverages segment jumped 3.84% y-o-y, and housing, water, electricity, and fuel, according to the data.<\/p>\n

ICYMI- <\/strong>Dubai\u2019s annual inflation inched up in January<\/a> to its highest level since October 2023. Annual inflation rose to 3.60% y-o-y during the month, up slightly from 3.27% in December, while inflation in Abu Dhabi hit 1.4% (pdf)<\/a> during the month. The CBUAE expects federal inflation to reach 2.1% in 2024, according to its economic review.<\/p>\n

CBUAE BALANCE SHEET GROWTH- <\/p>\n

#2-<\/strong>The Central Bank of the UAE\u2019s balance sheet hit AED 720 bn by the end of <\/strong>2023<\/strong>, marking a 30.5% y-o-y increase to an all-time high, according to the CBUAE\u2019s monthly balance sheet (pdf)<\/a>. The figure also marked a 7.7% m-o-m increase from November\u2019s AED 669.72.<\/p>\n

\n

MORE BORROWING-<\/p>\n

#3-<\/strong>Banks handed out AED 1.24 tn in private sector loans in 2023,<\/strong> up 5.8% y-o-y, according to Central Bank of the UAE data (pdf)<\/a>. The commercial and industrial sector accounted for more than half, pooling some AED 822.7 bn in 2023 from banks, marking a 3.1% y-o-y increase, while individuals were granted AED 418 bn, an increase of 11.5% y-o-y. <\/p>\n

Loans to the public sector climbed 15.5% y-o-y to<\/strong> AED 292.6 bn during the year. <\/p>\n

They also made more investments last year<\/strong>, with total investments climbing 20.3% y-o-y to AED 634.4 bn, according to the data. Most investments went to held to maturity securities, which accounted for nearly half of investments at AED 304.8 bn, while debt securities saw AED 264.9 bn in investments. <\/p>\n","protected":false},"excerpt":{"rendered":"

The figure is lower than the CBUAE\u2019s previous expectation<\/p>\n","protected":false},"author":1,"featured_media":89765,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1556],"tags":[159,157,19,7,285],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89764","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-banking","tag-central-bank-of-the-uae","tag-economy","tag-enterpriseam-uae","tag-inflation","wpautop","entry"],"acf":{"mongo_id":"7e775818-1b0b-41ce-9fb2-b67ca010e66a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1471.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Fresh macro figures point to a solid 2023","related_issue":[89760],"teaser":"The figure is lower than the CBUAE\u2019s previous expectation","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.c731195b-686b-4467-8dc4-e06fcb7956a1.mp3"},"yoast_head":"\nFresh macro figures point to a solid 2023 - 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