FINANCIAL NEWS

GCC oil exporters to see positive growth in 2013: Fitch

24 Dec 2012

(MENAFN) A new report by Fitch Ratings, expected GCC crude oil exporters to see “solid economic performance” in 2013, Arabian Business reported.

The report has set a broadly stable outlook for the Middle East and North Africa (MENA) region next year, which it said it will “mask continued divergence between oil exporters and oil importers”.

Fitch expected oil output in Bahrain, Kuwait, Saudi Arabia and the UAE to decline marginally this year, reducing overall GDP growth rates, but non-oil growth will remain positive.

The report said that oil exporters’ fiscal positions will “weaken modestly” in 2013 due to an expected marginal drop in oil revenues and continued spending growth.

On the other hand, Fitch commented that the political situation for oil exporters should be more stable. The ratings agency warned that “current tensions in Bahrain and Kuwait will remain, and further local stresses are possible”.

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