Fitch expects most GCC fiscal balances to worsen by 1-2PP of GDP

GCC fortunes tied to oil

• Bahrain is the only GCC sovereign where 2019 fiscal balance is reported to improve.
• Headline fiscal balances will weaken across much of the Gulf cooperation council in 2019 and 2020.
• Fitch forecast most GCC fiscal balance to worsen and used assumption that Brent will average $65/BBL down from USD 71.6BBL in 2018