GCC Economic growth to reach 4% in 2013

The economic growth of Gulf Cooperation Council (GCC) countries is expected to slow down to 4 per cent this year, according to Euler Hermes. Global economic trends and the influence of GCC countries in the international market were discussed at the Trade Credit Insurance Summit in Dubai. In 2011 and 2012, GCC countries posted strong economic growth with 7.2 per cent and 6.0 per cent growth, respectively but the pace is expected to slow in 2013 to 4 per cent and 2014 to 4.3 per cent. Saudi Arabia and the United Arab Emirates are expected to lead the way for GCC growth with Subran stating that Saudi and the UAE will grow by 4 per cent and 3.5 per cent respectively in 2013, and 4.5 per cent and 4 per cent respectively in 2014. The UAE’s share related to oil in total GDP decreased from 47 per cent in 2000 to 33 per cent in 2012.