(MENAFN) The economy of the GCC members is likely to grow in a slightly faster pace in 2015, due to strong private business activity and despite further falls in oil prices, The Peninsula Qatar reported.
Qatar is expected to keep outperforming the other five GCC states with a 6.7 percent growth rate in 2015, which is faster than the 6 percent predicted earlier this year due to the country spending billions of dollars on construction projects before hosting the 2022 FIFA World Cup.
Meanwhile, prices in the world's top liquefied natural gas exporter are expected to increase even more, which will affect the inflation rate, causing it to increase to 4 percent in 2015 and 4.5 percent in 2016, the highest among the Gulf countries.
One the other hand, Saudi Arabia's USD748bn economy, the biggest in the Arab world, is expected to expand 4.3 percent in 2015, which is a bit more than the 4.2 percent rate expected in 2014 and 2016.
In the United Arab Emirates, GDP is projected to grow 4.5 percent next year, but it is then expected to slow to 4.3 percent in 2016.
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