Abu Dhabi: Low oil prices take their toll on economy
Issue 1010
- 18 Feb 2016
| 1 minute read
The wealthiest of the United Arab Emirates economies has shrunk by nearly one-quarter in nominal terms in the past two years, according to Moody’s Investors Service. The ratings agency’s annual credit analysis report for the emirate, which is rated at Aa2 and stable, said Abu Dhabi’s nominal GDP was expected to be $197.7bn this year, the second straight year of decline and 24% lower than its peak of $261.4bn in 2014. Moody’s said economic growth could come under further pressure this year as a result of government cuts to spending in response to low oil prices.
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