The GCC economies continue to deliver strong performance despite global challenges, supported by economic reforms and developmental initiatives, several analysts told Argaam.
The oil sector is facing some pressures due to the possibility of extending the “OPEC Plus” production cuts, which might affect the gross domestic product (GDP) growth. In contrast, the non-oil sectors continue to achieve notable growth, with forecasts that the UAE’s non-oil GDP will grow by around 5%, while Saudi Arabia experienced a significant acceleration in this sector over the past year.
The GCC economies continue to deliver strong performance despite global challenges, supported by economic reforms and developmental initiatives, several analysts told Argaam.
The oil sector is facing some pressures due to the possibility of extending the “OPEC Plus” production cuts, which might affect the gross domestic product (GDP) growth. In contrast, the non-oil sectors continue to achieve notable growth, with forecasts that the UAE’s non-oil GDP will grow by around 5%, while Saudi Arabia experienced a significant acceleration in this sector over the past year.
