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FINANCIAL NEWS
GCC estimates for 2017 economic growth to be slow and steady
26 Nov 2016
(MENAFN) According to forecasts by Emirates NBD”s Economic research team, GCC is expected to post an economic growth in 2017, and higher oil revenues with the expected average oil price increase to USD55 per barrel next year from USD44 this year.
Also they said: “Looking ahead to next year, we forecast average growth of 2.8% in the GCC. We expect some acceleration in non-oil sector growth off this year”s low base, and as government budget strains ease on higher oil prices. While we do not project a significant increase in government spending next year, we don”t forecast further aggressive spending cuts in 2017 either.”
Particularly, the UAE GDP growth is expected to jump to 3.4% next year from 3% was forecasted in 2016, also Dubai is expected to grow at a slightly faster rate than Abu Dhabi.
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