Sharjah: Growth will continue if Dubai maintains pace
Issue 1010
- 18 Feb 2016
| 1 minute read
Standard & Poor’s (S&P) has affirmed its long-and short-term foreign and local currency ratings for Sharjah emirate at A/A-1, with a stable outlook. Mining and energy (which account for around 12% of the economy) have slowed but other key sectors, including real estate and business services (about 21% of GDP), manufacturing (16%) and wholesale and retail trade (12%) have all grown. The emirate’s economy – which grew by an estimated 1.8% in 2015 – has close links to Dubai; provided its larger neighbour can sustain its economy and spending on major projects Sharjah should benefit. S&P expects growth to average 2.8% in 2016-18. GDP is estimated at $28,700 per head for 2016.
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