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Crude Oil Profits Boost Gulf Financial Forecast Al-Wasat Newspaper: We're Still among the social networking sites to bring you all the events for a while, because we care about the latest Arab and international news. We also care about the latest Arab issues. For the Gulf States and on the other level, we hope to get everyone's admiration and we wish to impress the company to get all the news and share the social networking sites, thereby increasing profits from crude oil
The rise in crude oil profits has greatly improved the budget forecasts and trade balance of the Arab Gulf countries.
The average reference crude price was $ 71.60 per barrel since the beginning of the year, up from $ 55 the previous year. Gulf states to export other measures This year, the world's major producers agreed last month to increase crude oil production, partly through offsetting expected losses in Iranian production , which is sanctioned by the United States.
The average forecast for the Saudi government's budget deficit this year was 4.8% of GDP, up from the 7.8% forecast in the previous poll. While the 4.8% deficit remains unsustainable for Saudi Arabia in the long run, it is the lowest since 2014. The new survey predicts that next year's budget deficit will reach 4.5% GDP, compared to 6.7% in previous projections.
The financial perspectives of the other five members of the Gulf Joint Liaison Council have also improved. The UAE is expected to record a fiscal surplus of 0.1 percent of GDP this year instead of a deficit of 2.9 percent. Forecasts for 2019 showed a surplus of 1.4% instead of a deficit of 2.2%. Likewise, current account surpluses are expected to increase the GCC's largest savings – Saudi Arabia, United Arab Emirates and Kuwait.
Current projections suggest that Saudi Arabia will record a current account surplus of 8.7 percent of GDP this year, up 3.3 percent in the latest poll, although this figure remains below two figures before the fall in crude oil prices.
But the new survey seems to have little impact on the economic boom In the Jadwa cell area said: "The increase in crude oil profits than expected in the budget will not be based on the increase in government spending, but will contribute to the lowering of the budget deficit. "
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Source: Witness
