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Sunday, 5 February 2017

Abu Dhabi ‘to make surplus’ this year, S&P says | The National

Abu Dhabi ‘to make surplus’ this year, S&P says | The National:

"The credit ratings agency Standard & Poor’s is forecasting that the Abu Dhabi budget will swing back to a small surplus this year after recording a deficit in 2016 as an expected increase in crude prices makes up for a decline in oil output amid difficult economic conditions. In its latest sovereign debt ratings for the emirate issued on Friday, S&P said that it expected the Abu Dhabi government’s fiscal balance to stand at a surplus of 0.7 per cent of GDP in 2017, representing a turnaround from an estimated deficit of 3.6 per cent last year. S&P said that the emirate’s income this year would be constrained by a temporary decline in the amount of oil it drills as part of the UAE’s commitment to an agreement by Opec and non-Opec members in November to trim oil output to shore up oil prices."

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