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$100 OIL BOOSTS GROWTH

GCC economies set to grow at 5.6pc in 2013

Manama, June 22, 2013

The GCC economies are expected to grow at 5.6 per cent by the end of this year, said a report citing a top regional banking official.

The GCC economies would continue to benefit from high oil prices, which exceed $100 per barrel, Al Baraka Banking Group chairman and chief executive Adnan Ahmed Yousif told our sister paper Akhbar Al Khaleej.

Kuwait's acting oil minister Mustapha al-Shamali had said on Wednesday that the current oil prices were "fair" and that the state was producing around 3 million barrels of crude per day.
 
On the local banks' performance, Ahmed Yousif said the Bahraini banks had increased their profits by an average 10 per cent in the first half of this year, compared with last year’s figures.-TradeArabia News Service



Tags: economy | Oil | GCC | growth |

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