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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. Despite the strong fiscal policy response to adjust to lower oil prices, the fiscal balance turned to a deficit of 2.1 percent of GDP, while the current account surplus declined to 3.3 percent of GDP. Banks remained well capitalized and liquid, though pressures on 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.

Fiscal policy --- United Arab Emirates --- Economic conditions. --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Government policy --- Federation of Arab Emirates --- UAE (United Arab Emirates) --- Imārāt al-ʻArabīyah al-Muttaḥidah --- إمارات العربية المتحدة --- Ittiḥād al-Imārāt al-ʻArabīyah --- اتحاد الإمارات العربية --- Ittiḥād Imārāt al-Khalīj al-ʻArabī --- اتحاد إمارات الخليج العربي --- Fédération des Emirats unis --- Union des Emirats arabes --- U.A.E. (United Arab Emirates) --- Emirats arabes unis --- Vereinigte Arabische Emirate --- Arabiemiirikunnat --- Arabiemiraattien liitto --- Yhdistyneet arabiemiirikunnat --- Arabiemiraatit --- Arabiemiirikuntien liitto --- Emiraatit --- Förenade Arabemiraten --- Arabemiraten --- アラブ首長国連邦 --- Arabu Shuchōkoku Renpō --- Trucial States --- Banks and Banking --- Finance: General --- Macroeconomics --- Statistics --- Industries: Financial Services --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Energy: Demand and Supply --- Prices --- Fiscal Policy --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Current Account Adjustment --- Short-term Capital Movements --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banking --- Finance --- Econometrics & economic statistics --- Monetary economics --- Oil prices --- Fiscal consolidation --- Loans --- Commercial banks --- Financial institutions --- Credit --- Money --- Banks and banking