#AbuDhabi GDP Growth to Average 2.5% Through 2022, S&P Says - Bloomberg

Abu Dhabi GDP Growth to Average 2.5% Through 2022, S&P Says - Bloomberg:

Abu Dhabi’s economic growth will average 2.5% in the four years through 2022 as it benefits from higher oil production and prices, S&P Global Ratings estimated. 


Abu Dhabi’s economy still depends heavily on oil, deriving 50% of its real gross domestic product and more than 90% of central government revenue from the hydrocarbon sector, the ratings company said in a report May 31. Oil will continue to dominate the economy despite diversification efforts, it said.

S&P Global projects economic growth in the largest and richest of the seven sheikhdoms that make up the U.A.E. to accelerate to 2% this year from 1.8% in 2018. It expects growth to accelerate to 2.5% in 2020 and 2021 before climbing to 3% in 2022. S&P expects Brent will average $60 per barrel this year and next, before dropping to an average $55 a barrel in 2021.