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GCC exports to decline 23 percent over losses from oil
(MENAFN) The Gulf Cooperation Council (GCC) countries are forecast to suffer from a 23 percent decline in exports due to revenue losses from the oil sector, according to the Head of Commodity Strategy at Saxo Bank, Arabian Post reported.
The GCC economy, which heavily relies over oil as its prime source of revenues, has been tremendously stabilized in the past couple of months due to a much-stable oil price, the official said.
"The loss of revenues from oil will, according to the IMF, trigger a 23 percent decline in GCC exports from 2014 to 2015 and this impact is currently being felt across the region," he added.
The GCC economy, which heavily relies over oil as its prime source of revenues, has been tremendously stabilized in the past couple of months due to a much-stable oil price, the official said.
"The loss of revenues from oil will, according to the IMF, trigger a 23 percent decline in GCC exports from 2014 to 2015 and this impact is currently being felt across the region," he added.
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