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Economic growth in UAE strong at 3pct
(MENAFN) UAE's economic growth was strong at 3 percent, compared to 4.9 percent on average in 2011-2015, with oil sector contributing more than one third to growth.
Recently, the country changed the outlook to stable to reflect the effective policy response to the low oil price environment through acceleration in the nation"s reform agenda.
However, the data noted that it would downgrade the UAE's rating if a prolonged period of lower oil prices placed the consolidated fiscal accounts under pressure.
In addition, relatively large in nominal GDP terms, with the UAE at USD297bn and KSA at USD479bn, ranking in the top quartile of Moody's-rated sovereigns.
Recently, the country changed the outlook to stable to reflect the effective policy response to the low oil price environment through acceleration in the nation"s reform agenda.
However, the data noted that it would downgrade the UAE's rating if a prolonged period of lower oil prices placed the consolidated fiscal accounts under pressure.
In addition, relatively large in nominal GDP terms, with the UAE at USD297bn and KSA at USD479bn, ranking in the top quartile of Moody's-rated sovereigns.
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