(MENAFN) A newly released study expected the total GDP of the six-nation Gulf Cooperation Council (GCC) to sustain large surplus this year and the next, boosted by high oil prices, Saudi Gazette reported.
The study also predicted oil prices to remain high in 2012-2013, resulting in continued strong current-account surpluses around 20 percent of GDP.
The bloc's trade surplus is forecast to remain high during 2012-2013, averaging around USD493 billion, based on forecast average oil prices of USD106 for the period, the study said.
Saudi Arabia was also on the top of GCC's current account surplus, accounting for about 49 percent of the total last year, as it is the largest exporter of crude oil the region.
The region posted current account surplus of almost USD322 billion in 2011 on higher oil exports and prices, accounting for 23 percent of GCC's total GDP, the study pointed out.
Qatar had the largest relative surplus, at 45 percent of GDP, followed by Kuwait and Saudi Arabia, while UAE had Bahrain, at 16 and 23 percent of GDP respectively in 2011.
The GCC, sitting atop more than 40 percent of the world's oil wealth, has achieved a current account surplus for every year since 1998.