Sluggish oil sectors sap economic momentum

New projections from the International Monetary Fund (IMF) confirm that the Gulf economies are experiencing something of a buffeting in 2013, with reduced momentum in the oil sector sapping headline growth. The IMF projects real economic growth in the Gulf Co-operation Council (GCC) of 3.7% in 2013, substantially below the 6.4% average in 2010-12, though with 2014 shaping up as a better year, there is certainly no cause for panic.
The narrative is familiar to long-term observers of the fluctuating fortunes of the oil-dependent Gulf economies.