A new Reuters poll has just confirmed that most states in the Gulf region will have comfortable surpluses this year and will be able to continue to increase spending as higher oil prices look set to continue for the foreseeable future at least.
The report states that Kuwait has the largest surplus at present coming in at just over 19% of its gross domestic product. Analysts are also stating that that they will have more cash at their disposal this year to boost investment and encourage the overall growth of the region.
Qatar currently has the second largest surplus which is currently 10% of its annual Gross Domestic product. This is closely followed by the United Arab Emirates who have a 9% surplus of its Gross Domestic Product this year. These results are based on the findings compiled by seventeen analysts.
Saudi Arabia will generate a surplus of just under 5% of Gross Domestic Product. The only country to see a deficit this year is Bahrain and this is largely due to its dwindling oil reserves. Oil prices are set to stay at approximately $81 per barrel this year and this will ensure continued stability for the economies of the Gulf Region for the foreseeable future.Paul Holdsworth, Staff Writer, Gulf Jobs Market News