The UAE’s nominal gross domestic product is expected to gain nearly $17.8 billion in 2012 to allow it to remain the second largest Arab economy after Saudi Arabia.
The country’s GDP peaked at nearly $358.1 billion in 2011 due to higher output and a surge in oil prices to a record high average of more than $105 a barrel.
The increase last year meant that the UAE’s GDP raced by nearly 18.5 per cent in current prices over the 2010 GDP of $368 billion.
Figures by a key Arab League organization showed nominal growth is expected at around 17.8 per cent this year as crude prices are projected to remain above $100 a barrel and the UAE is pumping at one of its highest levels of about 2.6 million bpd.
The figures by the Kuwaiti-based Inter-Arab Investment Guarantee Corporation (IAIGC) showed Saudi Arabia remained the dominant Arab economy, with its nominal GDP standing at around $560.3 billion in 2011. The report forecast the Gulf Kingdom’s GDP to swell by nearly 21.5 per cent to a record high of $581.9 billion in 2012.
Egypt, the most populous Arab nation, retained its position as the third largest economy in the region, with its nominal GDP standing at 231.9 billion in 2011. IAIGC expected it to soar by 20.9 per cent to $252.8 billion in 2012.
Algeria was ranked f fourth in 2011, when its GDP stood at $183.4 billion, which is projected to rise by 5.2 per cent to $188.6 billion in 2012.
Qatar overtook Kuwait for the first time in 2011 when its GDP shot up by nearly $46 billion to an all time high of $173.2 billion following a surge in its LNG exports. The report forecast its nominal GDP to grow by 7.5 per cent to $180.7 billion in 2012, maintaining its position as the fifth largest Arab economy.
Kuwait came sixth with its GDP standing at $171.1 billion in 2011. IAIGC projected it to rise by around 5.5 per cent to $176.6 billion in 2012.
In 2011, Iraq was the 7th largest Arab economy with a nominal GDP of around $108.6 billion, followed by Morocco with about $101.8 billion.
The report put the nominal GDP at $66.8 billion in Oman, $64.7 billion in Syria, $63.3 billion in Sudan, $48.9 billion in Tunisia, $41.5 billion in Lebanon, $36.7 billion in Yemen, $28.4 billion in Jordan, $26.4 billion in Bahrain, around $four billion in Mauritania and $1.3 billion in Djibouti.
The report gave no 2011 figures for Libya because of the internal conflict through that year but showed its nominal GDP stood at around $71.3 billion in 2010. War-battered Somalia and Palestine were not listed in the report.