Gulf budget deficit seen peaking this year KUWAIT CITY: Gulf Arab oil exporters are expected to see their budget deficits peak this year owing to the plunge in energy revenues, a report said on Tuesday.
The combined deficit of the six Gulf Cooperation Council (GCC) states is forecast to hit $153 billion in 2016, up from $119bn last year, Kuwait’s investment firm KAMCO Research said.
Opec kingpin Saudi Arabia is expected to account for 55 per cent, or more than $84bn, of the shortfall.
Last year, the world’s top crude exporter posted a record deficit of $98bn. The GCC deficit will start easing from next year but the six nations are forecast to post an average annual shortfall of $100bn until 2021.