Major Overhaul of UAE’s Statistical Framework Announced
In a significant move aimed at refining economic data accuracy and reinforcing its global economic standing, the United Arab Emirates has launched an ambitious program to modernize its national statistics system. This initiative has been sanctioned by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai.
Strategic Initiative to Enhance Economic Data
The national programme’s primary objective is to elevate the quality and precision of official economic statistics. This effort is both a reflection of and a response to the rapid evolution of the UAE’s economy, which is increasingly characterized by diverse and dynamic growth patterns. By adopting 2024 as the base year for national accounts, the programme seeks to reframe the UAE’s GDP data from the period of 2010 to 2026.
This recalibration is not merely a statistical exercise; it is intended to provide stakeholders with a more granular and authentic picture of the UAE’s economic landscape. As a result, the reliability of economic data will be enhanced, facilitating international comparability and boosting confidence among investors and global financial institutions.
Economic Decision-Making and Policy Development
An enhanced statistical system is poised to play a pivotal role in economic decision-making and public policy formulation. By providing a more accurate and comprehensive economic outlook, policymakers will be better equipped to craft strategies that align with both current realities and future growth trajectories. The initiative also aims to foster investor confidence, which is crucial for maintaining the UAE’s competitive edge in the global market.
The programme comes at a time of significant structural shifts in the national economy. The UAE is witnessing a surge in non-oil sectors, with particular growth in services, digital technologies, and investment activities. By integrating modern administrative data sources, such as corporate tax and value-added tax records, the programme anticipates an improvement in economic data accuracy and transparency.
Integration with International Standards
Central to the programme is an integrated national framework that aligns with the United Nations System of National Accounts and international statistical standards. This approach involves updating the base year, diversifying data sources, and increasing reliance on administrative records to ensure that economic indicators are both consistent and transparent.
A unified national methodology for GDP data review is also being introduced. This methodology will serve as a bedrock for regularly updating the base year, ensuring that the UAE’s statistical practices remain in harmony with international best practices.
Collaborative Implementation
The Federal Competitiveness and Statistics Centre is spearheading the programme, working collaboratively with local statistical centers across the UAE. The initiative is supported by several federal entities, including the Central Bank of the UAE, the Ministry of Finance, the Federal Tax Authority, and other key organizations. This collaborative approach underscores the comprehensive nature of the programme, which aims to overhaul legislative, institutional, and technical aspects of the UAE’s statistics system.
Modernizing the Statistical Ecosystem
The overarching framework of the National Programme for Developing the Statistics System involves several components aimed at modernizing the UAE’s statistical ecosystem. This includes a thorough review of GDP, the creation of a national strategy for statistics, the introduction of supporting statistical policies, and the development of a national statistical data platform. Additionally, plans are in place for a statistical leadership development programme and the establishment of the UAE Principles for Official Statistics document.
Through these initiatives, the UAE aims to solidify its position as a global leader in the development and production of official economic statistics, thereby reinforcing its economic decision-making capacity and competitive global standing.
