23 Aug 2015
(MENAFN) Analysts raised this year’s growth forecasts for UAE and Saudi Arabia, the two biggest Gulf Arab economies, but lowered next year’s forecasts, citing the oil plunge outlook.
Oil-producing countries in the six-member Gulf Cooperation Council have partly offset weakness in oil prices by increasing output volumes faster than expected in 2015.
The median forecast of 15 economists for Saudi Arabia’s gross domestic product growth this year is 3 percent, up from 2.6 pe cent in the previous poll, which was conducted in April.
Meanwhile, the latest survey forecasts growth in the UAE of 3.8 percent this year, up from the previous survey’s 3.4 percent, and 3.5 percent next year, down from 3.7 percent.
“That suggests oil output could be flat or even slightly lower next year,” head of regional research at Emirates NBD said, because producers have less room to increase exports in the short term.
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