(MENAFN) A fall in oil prices over the last quarters is set to impact overall economy of the GCC states including incomes of Gulf residents, Emirates 24\7 reported.
The average GCC resident is estimated to lose almost USD9,800 from annual income in 2015. GDP per capita income in the GCC went down from USD114 to USD51,235 in 2014, according to the Bank of America-Merrill Lynch.
Per capita income of GCC residents in 2015 will drop 19 percent or from USD9,750 to USD41,486. But the income is expected to recuperate next year by USD2,000 to USD43,447, according to the data by the US bank.
The GCC's economy is set to shrink by USD286 billion or 17 percent, to USD1,385.8 billion in 2015 from USD1,672.4billion in 2014.
Effects on the per capita income will variegate between the GCC countries and is contingent upon each state's dependency on the beak-even oil price and how much the it relies on petrodollar income.
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