Sharjah, the third largest emirate, is benefiting from its diversified economy that relies on its industrial base among other sectors which helps generate revenue. Moody's is projecting GDP growth of 2.7% in both 2018 and 2019 thanks to "more favourable economic conditions at the country level and from global trade." Sharjah’s economy is relatively diversified for a small economy, with no single sector comprising more than a fifth of GDP. The manufacturing sector, for example, contributed 17% of GDP in 2016, while reliance on the oil sector is limited, "cushioning" the emirate from oil price gyrations. The rating agency maintained the emirate's rating also partly thanks to "improved performance of key government-related issuers which has lowered the risks posed by contingent liabilities to the government's balance sheet." Government-related issuers, including the Sharjah Electricity and Water Authority, have had stable debt to GDP levels of c10% since 2014, the agency said.