08 Oct 2014
(MENAFN) GCC fiscal surplus is expected to reach 8.3 percent of the region’s gross domestic product (GPD) in 2014 despite the drop in global oil prices, while their net foreign assets are expected to amount to USD2.34 trillion, Khaleej Times reported.
The UAE is expected to record a fiscal surplus of 8.8 per cent of GDP in 2014, above the GCC average, while its net foreign assets are estimated to hit USD510 billion, the second highest in the region after Saudi Arabia which are projected to reach USD1.06 trillion.
Meanwhile, the Institute of International Finance, (IIF) said that the GCC’s external current account surplus is expected to remain large at USD287 billion in 2014, despite registering a minimal decline.
‘The consolidated fiscal surplus in the GCC will narrow from 10.6 percent of GDP in 2013 to 8.3 percent in 2014, reflecting slightly lower oil prices and higher expenditures. As a result of the continued large surpluses, gross financial assets are expected to rise to USD2.8 trillion by year-end. With relatively little external debt, the region’s net foreign assets would rise to USD2.3 trillion by end-2014,’ IIF said in a statement.
17 Nov 2024
BBK and Asia Jewellers announce exclusive offers to its customers at Jewellery Arabia 2024
12 Nov 2024
BBK partners with Durrat Al Bahrain to offer exclusive financing for Jawhart Al Marjan
05 Nov 2024
As part of its digital transformation journey, BBK adds Google Wallet to its range of digital wallets
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more