GCC remains main growth engine in Mena: report

May 20, 2014 2:08 am

Qatar National Bank Group (QNB) has said that GCC countries continue to be the main engine of economic growth in the Middle East and North Africa (MENA), with Qatar leading the way, Saudi Gazette has reported. Real GDP growth in the GCC registered an estimated 4.1% in 2013 with the highest growth rate in Qatar (6.5%), compared with 2.7% for the rest of the MENA region. Large investment spending in the non-hydrocarbon sector is projected to lead to a growth acceleration in Qatar (6.8%), Saudi Arabia (4.5%) and UAE (5%). Overall, real GDP growth in the GCC region is likely to reach 4.7% this year, QNB said in its report.