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FINANCIAL NEWS
GCC economies to grow 3.4 percent this year
15 Sep 2015
(MENAFN) According to a report by global trade credit insurance provider Coface, lower oil prices have affected economic growth in the Gulf Cooperation Council (GCC) countries.
The GCC economies are predicted to grow by around 3.4 percent this year and 3.7 percent next year which is lower than the figures logged in previous years, the Coface report stated.
The six Gulf countries currently hold 30 percent of the world’s proven oil reserves with Saudi Arabia accounting for 15.7 percent, Kuwait for 6 percent and the UAE for 5.8 percent.
“While these rates are considered high compared to other emerging markets, they remain below the region’s average growth rate of 5.8 percent between 2000 and 2011,” the report said.
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