{"id":210463,"date":"2021-10-08T19:56:19","date_gmt":"2021-10-08T19:56:19","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=210463"},"modified":"2021-10-08T19:56:19","modified_gmt":"2021-10-08T19:56:19","slug":"capital-economics","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/capital-economics\/","title":{"rendered":"Gulf states to reduce VAT, Capital Economics expects"},"content":{"rendered":"

The GCC countries\u2019 oil revenues will witness a surge 2022 as oil production is set to increase considerably, in spite of possible price drops in oil next year, Capital Economics said.<\/p>\n

\n

This month, OPEC+ held a meeting that resulted in higher prices of oil on Wednesday.<\/p>\n

However, this trend is not sustainable and a fall in oil prices is on the horizon, London-based firm predicts.<\/p>\n

The group says that the situation remains diverse for different countries, although the surge in oil exports will enhance the Gulf countries\u2019 fiscal positions.<\/p>\n

Capital Economics<\/h2>\n<\/div>\n
Hence, be cause of Saudi Arabia\u2019s tight policy and expected spending cuts, the country might reduce VAT rates and the revenue side.<\/div>\n
<\/div>\n
The situation is similar in the UAE and Qatar as well, the firm added.<\/div>\n
<\/div>\n
However, the economic research company noted that a tightening of policy should be a priority for Oman and Bahrain, since they need \u201cfurther fiscal consolidation.\u201d<\/div>\n
\n

The firm also laid out its forecasts for the soon-released inflation rates for Saudi Arabia and Egypt.<\/p>\n

A slight increase in annual inflation rate is projected for the Kingdom in September, rising from 0.3% in August to 0.4% in September. This is mainly the result of price increases in food.<\/p>\n

While global supply chain issues are gaining momentum and could have adverse effects on inflation, the company reassured that the Saudi \u201cinflation will remain weak at 1-1.5 percent y\/y over the course of 2022-23.\u201d<\/p>\n

Concerning Egypt, Capital Economics expects that Egypt\u2019s yearly inflation rate will increase to 6.2% in September, up from 5.4% in August.<\/p>\n

As was the case for Saudi Arabia, food inflation is inducing this price hike.<\/p>\n

The company added that this will likely prevent the Egyptian Central Bank from cutting rates this month.<\/p>\n

Capital Economics is an independent economic research consultancy based in London.<\/p>\n

The company produces written pieces of economic research as well as offering consultancy services, seminars, conferences and commissioned research projects.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The GCC countries\u2019 oil revenues will witness a surge 2022 as oil production is set to increase considerably, in spite of possible price drops in oil next year, Capital Economics said. This month, OPEC+ held a meeting that resulted in higher prices of oil on Wednesday. However, this trend is not sustainable and a fall […]<\/p>\n","protected":false},"author":4,"featured_media":210464,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[278],"class_list":["post-210463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-featured"],"yoast_head":"\nGulf states to reduce VAT, Capital Economics expects<\/title>\n<meta name=\"description\" content=\"BNReport | The GCC countries\u2019 oil revenues will witness a surge 2022 as oil production is set to increase considerably, Capital Economics said\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/capital-economics\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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