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FINANCIAL NEWS
GCC economies to expand 3.8% on average in 2013
26 May 2013
(MENAFN) The Institute of International Finance (IIF) stated that growth of GCC economies is projected to moderate in 2013 to 3.8 percent from the average of 5.8 percent recorded last year, reported Arabian Business.
The Washington-based institute attributed the slowdown to the expected fall in crude oil output
The decline in oil production will lower the region’s consolidated external current account surplus to USD334 billion from USD389 billion.
Nevertheless, foreign assets could grow to nearly USD2.5 trillion by the end of the current year.
Meanwhile, growth of the non-hydrocarbon sector is expected to stand at about 5 percent.
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