GCC states see 2010 budget surplus of $50 bln
Mar 09, 2010 at 10:29
BEIRUT - The six Gulf Cooperation Council, or GCC, states are expected to witness a combined budget surplus of more than $50 billion in 2010 instead of a projected deficit of $2.9 billion thanks to improved oil prices, Abu Dhabi-based Al Ittihad daily says Tuesday citing a report by Emirates Industrial Bank, or EIB.
The GCC states have based their 2010 budgets on an oil price of $50 a barrel while the average price for 2010 is expected to hit $70 a barrel, EIB said in the report according to the paper, adding that there's a possibility that the GCC states will increase spending in case of oil price stability.
Spending was set in the GCC 2010 budgets at $269.3 billion, up 14.4% from $235.4 billion in 2009 while revenues, which are mainly oil revenues, were projected at $266.3 billion, up 4.4% from $255 billion in 2009, the daily reports citing the EIB study.
Mar 09, 2010 at 10:29
BEIRUT - The six Gulf Cooperation Council, or GCC, states are expected to witness a combined budget surplus of more than $50 billion in 2010 instead of a projected deficit of $2.9 billion thanks to improved oil prices, Abu Dhabi-based Al Ittihad daily says Tuesday citing a report by Emirates Industrial Bank, or EIB.
The GCC states have based their 2010 budgets on an oil price of $50 a barrel while the average price for 2010 is expected to hit $70 a barrel, EIB said in the report according to the paper, adding that there's a possibility that the GCC states will increase spending in case of oil price stability.
Spending was set in the GCC 2010 budgets at $269.3 billion, up 14.4% from $235.4 billion in 2009 while revenues, which are mainly oil revenues, were projected at $266.3 billion, up 4.4% from $255 billion in 2009, the daily reports citing the EIB study.