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Fastest growth of the Gulf economies in a decade .. 6.2% average this year

Gulf economies are expected to grow faster this year than previously thought, thanks to abundant oil production, according to a Reuters poll of economists.
The six Gulf Arab states, namely Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Oman, are running budget surpluses.
The survey expected overall growth in the six Gulf Cooperation Council economies to average 6.2 percent this year, up from 5.9 percent expected in the April poll. This will be the fastest rise in nearly a decade.
But growth is expected to slow to nearly half that pace of 3.8 in 2023. This is slightly higher than the previous survey.

As for inflation expectations in the region, they are modest, but mixed. The rate is expected to hover around 4 percent, with the lowest rate in Saudi Arabia at 2.5 percent, and the highest in Kuwait at 4.8 percent.
These numbers are modest compared to advanced economies, approaching more than 10 percent.

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About AISU

Arab Iron and Steel Union was established in Algeria in 1972 as the first Arab Union of the Arab countries to be founded under the Council of Economic Unity umbrella in the League of Arab States.

It is the first Arab organization to specialize in the iron and steel field, and its tasks fall within making plans aimed mainly at developing and growing the iron and steel industry in the Arab world.

Arab Iron and Steel Union comprises a wide range of multi-activity companies related to the iron and steel industry from the Arab countries.

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300.000 Employees

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