Gulf GDP to grow 2.5% in 2009 |
|
Text Size 
The economies of the Gulf oil producers are expected to contract in nominal terms in 2009 because of lower crude prices but real gross domestic product is projected to record positive growth, according to an international analyst.
In real terms, the combined GDP of the six-nation Gulf Co-operation Council (GCC)Gulf Co-operation Council (GCC)
will grow by about 2.5 per cent this year, nearly half the real growth achieved in 2008, said George Abed, Senior Advisor to the Managing Director of the Institute of International Finance (IIF).In an interview with Emirates Business, Abed said the GCCGCC
's massive financial resources, high public spending and better investment climate would partly offset a steep decline in the hydrocarbon sector in 2009."Hydrocarbon real GDP for the region as a whole is expected to contract by about three per cent in 2009 as compared to a growth of 4.2 per cent in 2008," he said.
Abed's figures showed the overall GDP growth is projected at about 1.2 per cent in Saudi Arabia, 2.3 per cent in the UAE, 1.2 per cent in Kuwait, nine per cent in Qatar, and nearly five per cent in Oman and Bahrain. He said the non-oil real GDP would slow down in 2009 but is projected to remain relatively solid at about four per cent compared to six per cent in 2008.
He estimated non-hydrocarbon real growth at about 3.6 per cent in Kuwait, four per cent in Saudi Arabia, 4.2 per cent in the UAE, and about five per cent in Qatar, Oman and Bahrain. In 2008, nominal GDP jumped by nearly 30 per cent to smash through the $1-trillion mark for the first time mainly because of higher crude output, a sharp rise in oil prices and increased investments, Abed said.
By Nadim Kawach
© Emirates Business 24/7 2009
Community Comments (0) - 
Comment on this article 
Comment on this article
The opinions of the authors expressed herein do not necessarily state or reflect Zawya. Read our Comment Policy.
Loading ...
Zawya Comment Policy:
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Community Buzz
Stories
Companies
Most viewed companies by Community in the last 24 hrs
| Company Name | Country | Industry |
| Consolidated Contractors Company | Overseas | Construction and Design |
| Saudi Binladin Group | Saudi Arabia | Construction and Design |
| Nissan Motor Egypt | Egypt | Transportation Products |
| Saudi Telecom | Saudi Arabia | Telecommunications Services |
| Ministry of Health - Saudi Arabia | Saudi Arabia | Ministries and Municipalities |
| KIA Motors Saudi Arabia | Saudi Arabia | Transportation Products |
| Saudi Arabian Oil Company | Saudi Arabia | Oil |
| Federal Electricity and Water Authority | UAE | Electric Utilities |
| General Motors Middle East | Region-wide | Transportation Products |
| Sohar Power Company | Oman | Electric Utilities |
Projects
Most viewed projects by Community in the last 24 hrs
| Project Name | Country | Sector |
| Ras Girtas Power Company - Ras Girtas IWPP | Qatar | Power and Water |
| IGD - Gasco - Habshan 5 Gas Processing Plant | UAE | Oil and Gas |
| Emirates Aluminium (EMAL) - Smelter Complex | UAE | Industry |
| SATORP - Jubail Refinery and Petrochemical Complex | Saudi Arabia | Oil and Gas |
| Takreer - Ruwais Refinery Expansion | UAE | Oil and Gas |
| Qatar Foundation - Sidra Medical and Research Center | Qatar | Real Estate |
| Aramco/Dow Chemical - Ras Tanura Integrated Refinery and Petrochemicals Complex | Saudi Arabia | Oil and Gas |
| Dubai RTA - Dubai Metro | UAE | Infrastructure |
| Abu Dhabi Ports Company - Khalifa Port and Industrial Zone (KPIZ) | UAE | Infrastructure |
| SATORP- Jubail Refinery and Petrochemical Complex - Conversion Unit and Sulphur Package (Part 2) | Saudi Arabia | Oil and Gas |