Zawya: High oil prices boost GCC economies by $305 bn

A surge in oil prices to their highest average of around $109 a barrel this year will swell the revenues of GCC states by a staggering $305 billion, taking their current account surpluses record highs. Forecasts by a prominent international think-tank show that the bulk of the increase in the nominal GDP of the six-nation Gulf Cooperation Council (GCC) will be in the hydrocarbon sector due to high prices and production by members.

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