Gulf economies to grow at much slower pace in 2023 on lower oil revenues - Reuters poll | Reuters

Gulf economies to grow at much slower pace in 2023 on lower oil revenues - Reuters poll | Reuters

Gulf Cooperation Council (GCC) economies will grow at a much slower pace in 2023 than last year as expectations for muted gains in crude prices and oil production cuts take a toll on revenues, a Reuters poll found.

Oil prices have spiked nearly 20% since they hit this year's low of about $70 a barrel on March 20, largely driven by the Organization of Petroleum Exporting Countries (OPEC+) decision to reduce oil output by about 1.16 million barrels per day and China's reopening.

But further gains will largely be subdued over the coming months on slower global demand - not good news for the bloc which is heavily dependent on oil.

Saudi Arabia, the world's largest oil producer, will expand 3.2% this year, less than half 2022's decade-high pace of 8.7%, according to the April 6-25 Reuters poll of 16 economists.

The growth rate was expected to be the same next year.