GCC nominal GDP hits record $1.56 trillion

The nominal gross domestic product (GDP) of Gulf region reached a new record high of $1.56 trillion in 2012, up from $1.44 trillion the previous year on the back of resilient oil prices and record exports, said a leading economist.

For 2013, the GCC nominal GDP is forecast to rise to $1.61 trillion, while the UAE nominal GDP is projected at $368 billion.

"2012 was a record year in many respects. It was the second consecutive year with the average price of oil above $100 per barrel," stated Dr Giyas Gökkent, the group chief economist of National Bank of Abu Dhabi (NBAD).

The average price of crude oil (Dubai, spot) was the highest ever at $109.1 per barrel and up from $105.5 per barrel in 2011. The oil production by the GCC region was also at a record level, with crude oil output averaging about 17 million barrels per day, he added.

"In aggregate, the GCC region continued its climb and became the 12th largest economy in the world, behind 11th ranked Canada," said Gökkent.

According to him, Saudi accounted for 47 per cent of the GCC economy, while the UAE had 23 per cent share. Qatar and Kuwait had 12 and 11 per cent of the GCC economy, respectively, while Oman and Bahrain had about 5 and 2 per cent.

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