The latest MENA Economic Monitor Report- Spring 2016 expects growth in the countries of the Gulf Cooperation Council (GCC) to fall to 2.2% in 2016 from 3.1% in 2015.
It is expected that growth will pick up slightly over the forecast period. Growth in this group of countries, however, has been halved since 2014, suggesting that GCC countries have been “growing by oil and slowing by oil.”
Click below to view a detailed economic outlook for each of the GCC countries:
- Bahrain’s growth to be at 2.2% in 2016, as continuing low oil prices depress consumption.
- Kuwait’s growth to recover to 1.3% in 2016 and to gradually firm up in the medium term.
- Oman’s real GDP growth is 1.6 % in 2016, lower than in 2015, reflecting lower oil prices and reduced spending and domestic demand.
- Qatar may sustain real GDP growth averaging 3.6% between 2016 and 2018, driven by growth in non-hydrocarbon sectors.
- Saudi Arabia’s current account balance to improve but remain in deficit at 2.8% of GDP in 2016.
- UAE’s growth to recover slowly, averaging 2.5% between 2016 and 2018.