GCC economies to see further growth by 5.3 percent in 2012

According to the recent economic report, the Gulf Cooperation Council (GCC) member economies are expected to post an average growth rate of 5.3 percent in 2012. The Gulf Investment Corporation (GIC) said in its monthly economic report that firm oil prices and continued fiscal expansionary policies have supported robust growth in the GCC during 2012. According to the EIU, real GDP growth in 2012 is expected to reach 5.5 percent for Kuwait, 5.0 percent for Oman, 7.0 percent in Qatar and 5.5 percent for Saudi Arabia. The IMF has recently revised the growth forecast of the UAE to 3.5 percent in 2012. Overall, inflation is expected to remain contained in the GCC region, with Bahrain and Qatar forecast to record 2012 rates of 3.3 percent and 2.1 percent respectively.