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FINANCIAL NEWS
GCC’s combined economy to hit USD1tr
11 Aug 2012
(MENAFN) A recent report released by -based Gulf Investment Company (GIC) expected the overall GDP of the six-nation Gulf Cooperation Council (GCC) to grow by 5.8 percent to USD1.6 trillion at current rates, Saudi Gazette reported.
The report said that Qatar will lead the region’s economic advance with around 8.7 percent growth, while growth will be about six percent each in Saudi Arabia and Kuwait, 4.5 percent in the UAE, 4.2 percent in Oman and 3.1 percent in Bahrain.
The report indicated that GCC economies won’t be hurt by the recent drops in oil prices, as high public spending continues and reforms being implemented by most members.
The price of oil is lower on fresh concerns about the Chinese economy and a lower forecast for global demand for crude.
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