Saudi’s share of Gulf economy rises to almost half in 2020
Saudi Arabia increased its share of the GCC economy to almost half in 2020, as it weathered the COVID-19 pandemic better than many its neighbouring Arab states. Saudi accounted for 49.8% of the bloc’s economy in 2020, up from 48.4% in 2019, according to the Al Eqtisadiah newspaper, which used data from the International Monetary Fund (IMF) and Gulf statistical agencies.
Nominal gross domestic product (GDP) for the six GCC countries fell 14.3% in 2020 to USD1.41 trillion, while Saudi GDP contracted 11.8% to USD700.1 billion. The UAE’s economy shrank 15.9% to USD354.3 billion, representing 25.2% of GCC output. Qatar had the third largest regional economy in 2020. It shrank 16.9% to USD146.1 billion, representing 10.4% of GCC GDP.