Abu Dhabi-Mubasher: Abu Dhabi's economic growth could come under pressure in 2016 amid government spending cutbacks, according to Moody’s Investors Service.
The government approved federal budget for 2016 at AED 48.56 billion ($13.2 billion), compared to AED 49.1 billion, reflecting the policy of reducing public spending on lower oil prices.
Moody's estimates that the emirate's real GDP growth will slow to 3.1% in 2016, compared to 3.4% in 2015.
Higher oil production and refining volumes will only partially offset the likely slowdown in non-oil sectors of the economy.
