(MENAFN) GCC fiscal surplus is expected to reach 8.3 percent of the region's gross domestic product (GPD) in 2014 despite the drop in global oil prices, while their net foreign assets are expected to amount to USD2.34 trillion, Khaleej Times reported.
The UAE is expected to record a fiscal surplus of 8.8 per cent of GDP in 2014, above the GCC average, while its net foreign assets are estimated to hit USD510 billion, the second highest in the region after Saudi Arabia which are projected to reach USD1.06 trillion.
Meanwhile, the Institute of International Finance, (IIF) said that the GCC's external current account surplus is expected to remain large at USD287 billion in 2014, despite registering a minimal decline.
'The consolidated fiscal surplus in the GCC will narrow from 10.6 percent of GDP in 2013 to 8.3 percent in 2014, reflecting slightly lower oil prices and higher expenditures. As a result of the continued large surpluses, gross financial assets are expected to rise to USD2.8 trillion by year-end. With relatively little external debt, the region's net foreign assets would rise to USD2.3 trillion by end-2014,' IIF said in a statement.
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