GCC: Growth set to strengthen in 2026 as hydrocarbons production picks up

GCC growth will strengthen in 2026, led by faster expansion in hydrocarbons; non-oil growth will remain solid but slow slightly.
Non-oil activity will be supported by population growth, new industries, and public investment; inflation will stay soft, while monetary policy will loosen.
Hydrocarbons sector growth will accelerate, offsetting in part lower oil prices; fiscal balances will be mixed, with surpluses in UAE and Qatar, but deficits persist elsewhere.

Daniel Richards