Gulf Cooperation Council (GCC) economic growth will remain firm overall in 2014 at 4.3% supported by the non-hydrocarbon sector, but inflation will rise, Moody’s Investors Service says in a 4 March report.
GCC countries over the past four years have enjoyed “a period of high oil prices and increasing production, which helped them develop their non-oil economy and consolidate their fiscal positions,” Moody’s says. It adds that aggregate economic performance had been impressive with average real GDP growth of 5.6%/year for 2010-13 and a 35% rise in the region’s GDP per capita over this period. Moody’s predicts real GDP will remain firm in 2014, supported by “vibrant non-hydrocarbon sectors.” (CONTINUED - 515 WORDS)
