GCC economy to see 8% growth in 2013

11 Mar 2013

(MENAFN) A regional report expected Gulf hydrocarbon producers’ economies to grow about 8 percent to a total of USD1.6 trillion, in the current prices, this year, while real growth is expected at about 3.6 percent, reported Emirates 24/7.

The report by Dammam-based Federation of GCC Chambers of Commerce and Industry said that regardless the global uncertainty, real GDP growth for 2013 will be an outcome of strong oil prices and high public spending, which will stimulate growth in many sectors and encourage the private sector to pour more investments.

In spite of the fears of fresh economic and financial turbulences worldwide, real GDP is predicted to grow by 3.6 percent this year, compared to 5.5 percent last year.

It is worth noting that oil prices would average USD113 a barrel this year, according to evaluations by the Washington-based Institute for International Finance (IIF).

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