Oil industry supports growth in GCC

Countries in the Gulf Cooperation Council (GCC) have seen their status in the oil industry support economic growth over the past year, according to ANIMA.

The Mediterranean Investment Network notes the good performance seen in GCC countries, stemming from rebounding oil prices and a more stable financial sector.

With the positive influence of the oil industry, "economic growth in the countries of the GCC should hit 4.4 per cent", ANIMA says.

This compares with the zero per cent growth rate achieved in 2009 and approaches the six per cent increase in gross domestic product (GDP) within the GCC reported by the World Bank in 2008.

According to the World Bank, "GCC economies are leading the regional recovery" in the Middle East and northern Africa.

Oil exporters in particular are predicted to see growing demand over the coming months, coupled with increased barrel prices, helping them to spur growth in GDP.