{
  "title": "United Arab Emirates: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United Arab Emirates",
  "publication": "IMF Staff Country Reports, July 27, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/united-arab-emirates-2016-article-iv-consultation-press-release-staff-report-and-statement-44129",
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  "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.",
  "publishDate": "2016-07-27",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Non-oil economic activity slowed to 3.7 percent in 2015.\n- Overall growth was partially offset by an increase in oil production.\n- Fiscal balance turned to a deficit of 2.1 percent of GDP despite a strong fiscal policy response to adjust to lower oil prices.\n- Current account surplus declined to 3.3 percent of GDP.\n- Banks remained well capitalized and liquid.\n- Pressures on bank profitability are emerging as asset quality weakens owing to the economic slowdown and rising funding costs.\n- Economic activity is expected to moderate further in 2016, before improving over the medium term."
    },
    {
      "heading": "Macroeconomic performance and outlook",
      "content": "- Non-oil GDP growth: 3.7 percent in 2015.\n- Near-term expectation: economic activity is expected to moderate further in 2016.\n- Medium-term expectation: economic activity expected to improve over the medium term.\n- Oil production: increase in oil production partially offset negative effects on overall growth (no numeric oil production figure provided)."
    },
    {
      "heading": "Fiscal and external positions",
      "content": "- Fiscal balance: deficit of 2.1 percent of GDP in 2015.\n- Fiscal policy: characterized as a strong fiscal policy response to adjust to lower oil prices.\n- Current account: surplus declined to 3.3 percent of GDP."
    },
    {
      "heading": "Banking and financial sector",
      "content": "- Capitalization and liquidity: banks remained well capitalized and liquid.\n- Profitability and asset quality: pressures on profitability are emerging as asset quality weakens owing to the economic slowdown and rising funding costs.\n\n---\n\n Content in this bundle\n\n- cr16251\n  - cr16251 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr16251 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/united-arab-emirates-2016-article-iv-consultation-press-release-staff-report-and-statement-44129"
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    "Published: July 27, 2016",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498388689.002",
    "Non-oil economic activity slowed to 3.7 percent in 2015.",
    "Overall growth was partially offset by an increase in oil production.",
    "Fiscal balance turned to a deficit of 2.1 percent of GDP despite a strong fiscal policy response to adjust to lower oil prices.",
    "Current account surplus declined to 3.3 percent of GDP.",
    "Banks remained well capitalized and liquid.",
    "Pressures on bank 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.",
    "Non-oil GDP growth: 3.7 percent in 2015.",
    "Near-term expectation: economic activity is expected to moderate further in 2016.",
    "Medium-term expectation: economic activity expected to improve over the medium term.",
    "Oil production: increase in oil production partially offset negative effects on overall growth (no numeric oil production figure provided).",
    "Fiscal balance: deficit of 2.1 percent of GDP in 2015.",
    "Fiscal policy: characterized as a strong fiscal policy response to adjust to lower oil prices.",
    "Current account: surplus declined to 3.3 percent of GDP.",
    "Capitalization and liquidity: banks remained well capitalized and liquid.",
    "Profitability and asset quality: pressures on profitability are emerging as asset quality weakens owing to the economic slowdown and rising funding costs.",
    "**_cr16251**"
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