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  • 24-04-21

    Saudi Arabia increases its share of GCC economy to almost half in 2020

    (MENAFN)Saudi Arabia improved its share of the GCC economy to nearly half in last year as it affected the COVID-19 pandemic better than other Arab states.

    Al Eqtisadiah newspaper reported, referring to data from the International Monetary Fund (IMF) and Gulf statistical agencies that the Kingdom’s fabricated 49.8 percent of the bloc’s economy in last year, increased from 48.4 percent in 2019.

    Nominal gross domestic product (GDP) for the six GCC countries dropped 14.3 percent in last year to USD1.41 trillion, as Saudi GDP fell 11.8 percent to USD700.1 billion.

    The UAE’s economy dropped 15.9 percent to USD354.3 billion, introducing 25.2 percent of GCC output.

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