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Saudi Arabia tops list; GCC economies fare well in 2005, poised for greater growth in 2006.The local press is reporting that the UAE’s economy was expected to gain a staggering USD $ 30 billion in nominal terms in 2005 to become the third largest economy in the Middle East and Central Asia, according to projections by the International Monetary Fund (IMF).
The country’s Gross Domestic Product (GDP) peaked at around USD $ 104.2 billion in 2004 after rocketing by more than 17 % over the 2004 GDP of USD $ 88.5 billion. In 2005, the GDP is projected to swell by nearly USD $ 30 billion or 28.5 % to a record USD $ 133.8 billion and will continue its expansion to reach USD $ 150.9 billion in 2006.
IMF figures for the economies for the economies of 32 countries in the Middle East and Central Asia showed the UAE’s GDP ranked third after Saudi Arabia and Iran and accounted for nearly 9.2 % of the total GDP of the 32 regional countries listed by the IMF. The GDPs of Saudi Arabia and Iran were estimated at USD $ 3+14.2 billion and USD $ 203.3 billion respectively. In 2006, the GDP of these two countries is expected to climb to around USD $ 349.4 billion and USD $ 242.2 billion respectively.
Experts said the rapid growth in the UAE’s economy was the result of a sharp increase in its crude production, steady expansion of the non-oil sector, the increased gas output, the construction of new petrochemical and refining projects and diversification.
Qatar, with a sharp increase in LNG exports, however topped the list in per capita terms with the UAE in second place. Qatar, with its high GDP and relatively small population, remains the richest country in the region with a per capita income of USD $ 39,000 and is expected to rise to a record USD $ 45,000 in 2006.