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FINANCIAL NEWS
Assets of GCC SWFs hit USD1.7tr in 2012
12 Mar 2013
(MENAFN) Moody’s investor service stated that assets of the sovereign wealth funds (SWFs) of GCC countries hit USD1.7 trillion in 2012, reported Emirates 24/7.
Moody’s attributed the notable growth to high oil prices that boosted these states’ fiscal surpluses.
The agency said that the amount is equal to 110 percent of the aggregate gross domestic product (GDP), up from nearly USD1 trillion in 2007, which is equivalent to around 116 percent of GDP.
As for the current year, Moody’s expects the GCC’s current account surpluses to range between 9.8 percent of GDP and 38.6 percent.
It is worth noting that Moody’s forecasts 2013 oil prices to average USD112 per barrel.
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