UAE Launches National Programme to Modernise Statistics System

Sheikh Mohammed bin Rashid Al Maktoum has approved a national programme aimed at modernising the UAE's statistics system. This initiative is designed to enhance the quality of economic data and reflect the rapid transformation of the UAE economy. The programme adopts 2024 as the unified base year for national accounts, marking a pivotal change in how economic measurements are conducted.

The initiative will involve reconstructing the UAE's GDP time series from 2010 to 2026 and will incorporate modern data sources, including corporate tax and VAT data. This overhaul is expected to significantly improve the accuracy and reliability of economic statistics across the board.

The launch of this national programme comes in response to structural changes in the UAE economy, particularly in non-oil sectors. As the economy diversifies, there is a pressing need for accurate data that reflects these shifts. The initiative is spearheaded by the Federal Competitiveness and Statistics Centre, which will collaborate with various federal and local entities to ensure effective implementation.

By modernising its statistics system, the UAE aims to strengthen its position among global economies. The timing of this initiative is crucial, as it aligns with the country's broader economic goals and aspirations for sustainable growth.

The modernisation of the statistics system is expected to enhance economic decision-making and attract more investment in the UAE. As the programme progresses, stakeholders should monitor its implementation closely, particularly how improved statistics influence economic policy and investor confidence. The reconstruction of GDP data and the adoption of new data sources will be key indicators of success.

In the coming years, the impact of this initiative on the UAE's economic landscape will be significant. Enhanced data accuracy will likely lead to better policy-making and a more robust investment environment.