(MENAFN) According to the Institute of Chartered Accountants in England and Wales (ICAEW), the falling in oil prices, driven by weaker demand, increased supply and a more powerful US dollar, is expected to put considerable pressure on GCC economies, but that Qatar, Saudi Arabia, UAE and Kuwait are better placed than Oman and Bahrain, The Peninsula Qatar reported.
The latest figures show from the GCC countries show that Kuwait, UAE and Qatar are the countries with the highest surpluses, 24.1 percent, 9.8 percent and 6.6 cent of their respective annual GDP, while Bahrain is the only GCC country with a current fiscal deficit of 4.8 percent.
In terms of Qatar, the institution said that its GDP declined during the April-June period, with strong growth in non-oil sectors having a small effect in comparison with the slowdown in the hydrocarbon sector.
The Institution said that it expects that Qatar's annual growth to be 6.3 percent this year, and that it will rise to 7.2 percent in 2015, with growth being expected to happen across construction, financial and business services, and tourism sectors.
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