Saudi Gazette - GCC non-oil growth to hit 6%, inflation seen at 3% by 2014

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The GCC countries’ non-oil economic growth is forecast to reach six percent in 2013 and 2014, nearly a percentage point higher than previously estimated as a result of a boost in public spending levels and improving private sector conditions, the National Bank of Kuwait (NBK) said in its latest “GCC Economic Outlook” report.

The upward revision of the region’s growth forecast was a result of growth momentum in Saudi Arabia and Qatar. Overall, nonetheless, economic growth will average four percent in 2013 and 2014, the report added.

“A combination of elevated public spending levels and improving private sector conditions will see real GCC non-oil GDP growth of close to six percent per year in 2013 and 2014, similar to 2012 and nearly one percent point higher than previously forecast,” the report said."

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