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

July 27, 2016

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Format: Chicago

United Arab Emirates: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United Arab Emirates, (USA: International Monetary Fund, 2016) accessed November 21, 2024

Summary

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.

Subject: Banking, Commercial banks, Credit, Financial institutions, Fiscal consolidation, Fiscal policy, Loans, Money, Oil prices, Prices

Keywords: Abu Dhabi government, Commercial banks, CR, Credit, Credit growth, Fiscal consolidation, Global, Government, Growth prospect, IMF staff estimate, ISCR, Loans, Oil prices, Sta follow-up mission, UAE well

Publication Details

Pages:

72
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2016/251
Stock No:

1AREEA2016001
ISBN:

9781498388689
ISSN:

1934-7685

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