OVERVIEW In view of the sharp fall in international oil prices in recent months, we have revised down our oil price assumptions for 2015-2018 significantly. We currently expect an average Brent oil price of $55 per barrel in 2015 and $70 per barrel in 2015-2018. In our opinion, the decline in oil prices has a moderate negative impact on Qatar's economic growth outlook. We now forecast the real GDP growth rate to average about 4% in 2015-2018, supported by activity in the non-oil sector. In our view, Qatar's strong net external and fiscal asset positions balance the concentration risk related to the economy's reliance on the oil and gas sector. We are therefore affirming our 'AA/A-1+' sovereign credit ratings on
