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FINANCIAL NEWS
GCC 2011 economy to add USD305b
31 Oct 2011
(MENAFN) The Institute for International Finance (IIF) said that in 2011, economy of the countries of the Gulf Cooperation Council (GCC) would be expected to gain USD305 billion, reported Emirates 24/7.
The financial center added that the increase would result from high oil prices that reached around USD109 a barrel in 2011, moreover, hydrocarbon sectors in these countries would contribute with the largest volume in the increase in the nominal gross domestic product (GDP).
It also said that also in 2011, crude output in the six countries would be forecasted to expand by around 1.2 million barrels per day (bpd) to 16.4 million bpd from 15.2 million bpd recorded last year.
It is worth noting that this year, the GCC’s oil sector will grow to around USD738 billion compared with USD494 billion in 2010, whereas non-oil sector is forecasted to grow from USD581 billion in 2010 to USD642 billion.
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