50252
(P)GCC Budget Deficits to Rise
(P)GCC Budget Deficits to Rise

(P)GCC Budget Deficits to Rise

(P)GCC Budget Deficits to Rise

Persian Gulf Arab oil exporters are expected to see their budget deficits peak this year due to the plunge in energy revenues.
The combined deficit of the six (Persian) Gulf Cooperation Council states (Saudi Arabia, Kuwait, the UAE, Qatar, Bahrain, and Oman) is forecast to hit $153 billion in 2016, up from $119 billion last year, Kuwait's investment firm KAMCO Research said, Middle East Online reported.
OPEC kingpin Saudi Arabia is expected to account for 55%, or more than $84 billion, of the shortfall. Last year, the world's top crude exporter posted a record deficit of $98 billion.
The (P)GCC deficit will start easing from next year but the six nations are forecast to post an average annual shortfall of $100 billion until 2021, the report said.
The (P)GCC together pump more than 18 million barrels per day of crude oil.
(P)GCC total revenues, mainly from hydrocarbons, dropped from a peak of $735 billion in 2013 to just $443 billion in 2015, the lowest in five years, KAMCO said. They are forecast to slide further to $365 billion this year, the report said.
Oil prices have plunged from well over $100 a barrel in mid-2014, dropping below $30 a barrel at the start of this year before recovering to the $40-50 range.
(P)GCC states cut their public spending from $615 billion in 2014 to $563 billion last year. A further drop to $519 billion is expected this year, KAMCO said.

 

Short URL : https://goo.gl/vjGe13
  1. https://goo.gl/YnAAzc
  • https://goo.gl/LWAoEr
  • https://goo.gl/aQrd70
  • https://goo.gl/HsOuhw
  • https://goo.gl/IXOIOH

You can also read ...

According to the new regulations, Cubans will be able to hold only one business license.
The Cuban government has said it wants more foreign investment...
The lira has lost around 45% of its value against the US currency this year, largely over worries about Erdogan’s influence over the economy
Turkey’s central bank on Monday announced it was ready to take...
Trump’s No-Win Trade War
President Donald Trump’s trade war may be fated to fail, for...
World Stocks, Currencies Plummet
World markets shuddered on Monday, as Turkey’s worsening...
Amado Boudou (R) attends his trial on corruption charges  in Buenos Aires on August 7.
Records kept in notebooks of the kinds used by schoolchildren...
(P)GCC Banks  Face Business Risks
A number of (Persian) Gulf Cooperation Council banks that have...
China Printing Foreign Money
China is printing more foreign money as it seeks to expand its...
Singapore Warns Trade Tensions May Lower H2 Growth
Singapore authorities warned of slower economic growth in the...

Trending

Googleplus