GCC's oil business chips in 31 percent to neighbors' GDP

(MENAFN) the petrochemicals industry contributed to 31 percent of the GCC's overall manufacturing GDP, with earnings totaling USD88 billion through last year, as the latest data revealed.

Petrochemical outcome in the GCC jumped 8.3 percent in 2014, making the GCC the second-largest growth province in the world, despite the negative affect on petrol prices, and revenues generally declining.

The health of the global economy since the decline in oil prices and the turmoil of the Chinese economy helped to weak petrochemicals prices, as the Gulf Petrochemicals and Chemicals Association (GPCA) explained.

"Given that the GCC petrochemicals producers are not price-setters, it means that Arabian Gulf producers need to be more agile, collaborative and innovative to succeed," said the secretary general at GPCA.