Monday 05, May 2014 by

GCC: strong diversified growth, limited risks, says Institute of International Finance

The Institute of International Finance’s regional overview of the GCC notes that growth moderated from 5.5 per cent in 2012 to 4.2 per cent in 2013, largely due to a slower rise in crude oil production. Non-hydrocarbon real GDP growth, a more representative measure of economic activity, remained robust at 5.4 per cent in 2013, driven by higher public spending and stronger private sector activity. Overall growth is projected to be around 4 per cent this year as oil production remains restrained in light of increased global supplies and tepid growth in demand.

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