"Statistical Centre": Finance countries "cooperation" It will record a significant surplus in 2022 and 2023

Muscat, December 28 / WAM / Data from the Statistical Center for the Cooperation Council for the Arab States of the Gulf confirmed that the financial risks of the GCC countries are low in the near term, with expectations of stability or decline in interest rates locally and globally.

Reports of credit rating agencies indicate an improvement in the rating of sovereign bonds of the GCC countries in 2023, with expectations of an increase in the attractiveness of credit for the GCC countries, which will allow the rescheduling of their public debts at lower financial costs.
According to estimates by the Gulf Statistical Center, the public debt of the GCC countries is expected to stabilize at the level of 28% of gross domestic product during the years 2024 and 2025, while plans to reform financial budgets, through improving the efficiency of public spending and programs to stimulate growth in non-oil sectors, will contribute to Achieving a balance between maintaining the economic growth rate and sustaining public spending.
The center’s data shows that the size of the government debt of the Gulf Cooperation Council countries has doubled over the past ten years to reach about 628 billion US dollars in 2023, after it was 144 billion US dollars in 2014, as the size of debt increased as a percentage of gross domestic product to reach its peak in 2020. Recording a rate of 40.3%, with the percentage declining in the following years to reach about 29.8% in 2023.
The total public finances of the GCC countries also recorded a noticeable deficit during the period from 2014 to 2021, as the highest value of the deficit came in 2015 and amounted to about 158 ​​billion US dollars, constituting 11.1% of the total gross product of the Gulf Cooperation Council, while the year 2020 witnessed a deficit of 128 billion US dollars. One billion US dollars, 8.8% of GDP.

The year 2022 witnessed government finances in the GCC countries recording a notable financial surplus estimated at 134 billion US dollars, or 6.1% of the gross product, followed by a surplus of 2 billion US dollars in 2023.
The total government revenues in the Gulf Cooperation Council developed significantly during the period 2021-2023, recording in 2023 about 641 billion US dollars, of which oil revenues constituted 62% compared to revenues amounting to 723 billion US dollars in the year 2022, of which oil revenues recorded 62%. 67%.
Total government spending in the GCC countries reached its highest levels in 2023, recording about 639 billion US dollars, of which current spending constituted 85%, compared to 15% for investment spending.

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