United Arab Emirates: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United Arab Emirates

International Monetary Fund

No 2016/251, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2016 Article IV Consultation highlights that non-oil economic activity in the United Arab Emirates slowed to 3.7 percent in 2015. Negative effects on overall growth were partially offset by the increase in oil production. Despite the strong fiscal policy response to adjust to lower oil prices, the fiscal balance turned to a deficit of 2.1 percent of GDP, while the current account surplus declined to 3.3 percent of GDP. Banks remained well capitalized and liquid, though pressures on profitability are emerging as asset quality weakens owing to the economic slowdown and rising funding costs. Economic activity is expected to moderate further in 2016, before improving over the medium term.

Keywords: ISCR; CR; government; Abu Dhabi government; IMF staff estimate; UAE well; credit growth; Sta follow-up mission; growth prospect; Oil prices; Fiscal consolidation; Loans; Commercial banks; Credit; Global (search for similar items in EconPapers)
Pages: 72
Date: 2016-07-27
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=44129 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2016/251

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().