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FINANCIAL NEWS
GCC’s 2012 GDP to grow by 7%
04 Apr 2012
(MENAFN) The Federation of GCC chambers of commerce and industry (FGCCI) said that in 2012, gross domestic product (GDP) of the countries of the Gulf Cooperation Council (GCC) is forecasted to grow by nearly 7 percent in current prices to USD1.46 trillion, reported Emirates 24/7.
The FGCCI added that these countries would be forecasted to achieve a real growth of 4.6 percent; moreover, the region is expected to post huge current account surpluses due to strong oil prices.
It also said that Saudi’s GDP would climb to USD622 billion, followed by the UAE with USD385 billion, Qatar with an estimated GDP of USD197 billion.
Moreover, Kuwait’s GDP in the current year would reach USD181 billion, and USD77 billion in Oman, whereas that of Bahrain would reach USD26 billion.
It is worth noting that Qatar would achieve the highest real GDP growth in 2012 at 9.8 percent, followed by Oman at 4.4 percent, Saudi at 3.8 percent also is Kuwait, Bahrain at 3.4 percent, and at 2.4 percent in the UAE.
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