GCC's total public spending for 2025 set to hit $542bln
The total public spending by the six GCC countries – the UAE, Saudi Arabia, Oman, Kuwait, Qatar, and Bahrain – is estimated to reach $542.1 billion in the current financial year 2025, according to data released by the Muscat-based GCC Statistical Center (GCC-Stat).
Most GCC countries have projected an increase in public spending in 2025 compared to their 2024 spending estimates.
This increase is considered a key driver of economic growth in the GCC region and is directed toward completing infrastructure projects and stimulating growth in certain economic sectors, in line with strategic development plans, said GCC-Stat in its report.
GCC-Stat expects government revenues in the GCC countries to remain relatively stable, with oil prices likely to stay at moderate to high levels in 2025.
Estimated total public revenues for the GCC countries are projected to be around $487.8 billiion during the current financial year, while the combined budget deficit of the six countries is estimated at $54.3 billion.
In the GCC, government revenues are directly affected by movements in global oil prices, as oil revenues constitute the largest proportion of income sources for the region.
GCC countries follow a conservative approach in calculating the break-even oil price in their general budget estimates. This approach aims to account for international economic fluctuations and volatility in global oil prices, said the report.
The GCC countries plan to finance budget deficits through the use of reserves and domestic and foreign borrowing, it added.
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