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FinancialNews
01-06-20
Abu Dhabi to suffer 7.5 percent decline in 2020 economy
(MENAFN)
S&P Global Ratings said that the real gross domestic product (GDP) of Abu Dhabi is predicted to decline 7.5 percent in the current year over less oil output and the coronavirus negative effects.
The fiscal deficit of Abu Dhabi is going to increase to around 12 pecent of the GDP for the current year from 0.3 percent recorded in 2019, according to the ratings agency.
It also added that it predictes small emirates in the United Arab Emirates (UAE) to obtain "extraordinary financial support" from the UAE, backed by Abu Dhabi, during the ongoing financial distress.
MENAFN0106202000450000ID1100253593
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