The GCC: Fiscal positions in oil exporters,
particularly in GCC States are worsening. A surplus
of about 5.4 percent of GDP in 2013 is expected to turn
into a deficit of about 9.8 percent of GDP in 2015 in
the GCC countries. For the Gulf States, this means a
deficit of US$136 billion in 2015 with Saudi Arabia
bearing about US$129 billion (or a deficit of 19.5
percent of GDP in 2015); surpluses in Kuwait and
Qatar are expected to halve in 2015. Current account
balances will follow the same pattern and surpluses
are expected to shrink rapidly in 2015. Continued
weakness in oil prices will prompt some of these
countries to divert funds from Sovereign Wealth
Funds (SWF) to finance their deficits.