Gulf Arab states to see lower 2012 growth

Wednesday, 28 March 2012 00:04 - - {{hitsCtrl.values.hits}}

KUWAIT (Reuters): Gulf Arab oil exporting countries are expected to see lower economic growth of around 4 percent this year due to a drop in global demand, Kuwait’s Finance Minister Mustapha al-Shamali said on Tuesday.

“It is expected that the average economic growth rate of the GCC (Gulf Cooperation Council) countries will slow down to about 4 percent in 2012,” Shamali told a financial conference.

Asked whether he expected Kuwait’s growth would be higher in 2012, he told reporters: “We hope so. About 5 something.”The OPEC member country releases its gross domestic product data with a significant lag.