(MENAFN) Oil exports in the Middle East and North Africa are expected to decline by USD300 billion in 2015 due to the recent slump in prices, according to the Institute of International Finance (IIF), Arabian Business reported.
For the GCC, the aggregated current account surplus will shrink from USD266 billion in 2014 to about USD40 billion in 2015, and the fiscal position will shift from a surplus of 4.6 percent of GDP to a deficit of 7.4 percent, according to the IIF's new report.
The IIF also reduced its growth forecast for the Gulf region by 0.4 percent to 3.4 percent in 2015. However, outside the oil sector growth will remain strong at 4.5 percent, only slightly lower than 2014, the report said.
"While overall growth in the oil exporters will moderate and the large fiscal surpluses will decline or shift to significant deficits, low oil prices may encourage acceleration and deepening of structural reform efforts to improve energy efficiency and diversify their economies," the IIF added.
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