GIC Produces Comparative Data On GCC Economies Showing Solid Upturn In 1999 GDPGIC Produces Comparative Data On GCC Economies Showing Solid Upturn In 1999 GDP

VOL. XLIV
No. 20
14 May 2001

GIC Produces Comparative Data On GCC Economies Showing Solid Upturn In 1999 GDP

According to the latest economic report of the Kuwait-based, GCC-owned Gulf Investment Corporation (GIC), entitled GCC Economic Statistics, all six GCC states registered an increase in GDP in nominal terms in 1999, with the greatest increment (18.9%) in Qatar and the lowest (7%) in Bahrain (see Table below). This compared to a year of significant declines in 1998, when Kuwait recorded a 15.6% drop in GDP and Saudi Arabia a drop of 12.4%. However, while Bahrain, Qatar and the UAE reported record GDP levels in 2000, the other three regional states have registered higher GDP in the past six years. Saudi Arabia for example, recorded a GDP of $139.383bn in 1999 compared to $146.494bn in 1997. Similarly, Kuwait’s GDP was $29.664bn in 1999 compared to $30.025bn in 1997, while Oman saw its GDP fall from a high of $15.837bn in 1997 to $15.605bn in 1999.

GDP per capita figures show large discrepancies, with Oman recording the lowest in 1999 at $6,712 and Qatar recording the highest at $20,673. Saudi Arabia recorded the second lowest level of GDP at $7,004 and while this represents a 10% increase over the previous year, it is still 7% less than in 1997, 6.7% less than in 1996 and only just above the 1995 level of $7,003. Saudi Arabia’s population, according to the report, has risen from 17.7mn in 1994 to 19.9mn in 1999, an increase of 12.4% in five years.

Saudi Arabia’s population growth for this five-year period was, however, less than that of Bahrain (19.4%), Kuwait (23.2%) and Oman (13.4%) and the UAE (29%). Figures for Qatar were revised as of 1995 and therefore cannot be used comparatively in this respect. Yearly average growth rates for the period range from 2.5% (Saudi Arabia) to 5.7% (UAE). The figures underline the message of many economic commentaries on GCC states, which stress the need for increased economic growth rates if per capita income levels are to be sustained within the current demographic framework. (Population figures are for both nationals and non-nationals.)

While acknowledging that some information is not available for all countries, the report gives a detailed breakdown of sectoral contributions to GDP for each GCC state and information on public sector domestic debt, national accounts, public finance, interest rates, inflation, oil statistics, labor force and financial reserves. GIC explains that data is derived from official sources supplemented with available information from international and regional financial institutions such as the World Bank, the IMF and the OECD. The report was produced by the Economics Division of GIC, which intends to publish periodical updates of the compendium in the future.

GCC Countries Summary Of Main Economic Indicators

GDP at Current Prices ($Mn)	1994	1995	1996	1997	1998	1999
Bahrain	4,860	5,850	6,102	6,349	6,184	6,621
Kuwait	24,797	26,559	31,071	30,025	25,330	29,664
Oman	12,919	13,803	15,278	15,837	14,086	15,605
Qatar	7,374	8,138	9,060	11,298	10,256	12,197
Saudi Arabia	120,167	127,811	141,322	146,494	128,337	139,383
UAE	37,120	42,741	47,883	50,247	47,166	51,858
				,
GDP Per Capita ($)
Bahrain	8,710	10,121	10,187	10,240	9,617	9,941
Kuwait	13,550	13,557	14,838	13,592	11,154	13,155
Oman	6,302	6,477	6,901	7,023	6,159	6,712
Qatar	12,498	14,796	16,179	19,821	18,993	20,673
Saudi Arabia	6,785	7,003	7,505	7,520	6,362	7,004
UAE	16,281	17,727	19,315	19,149	16,991	17,651

Population (‘000)
Bahrain	558	578	599	620	643	666
Kuwait	1,830	1,959	2,094	2,209	2,271	2,255
Oman	2,050	2,131	2,214	2,255	2,287	2,325
Qatar	590	550	560	570	540	590
Saudi Arabia	17,710	18,250	18,830	19,480	20,180	19,900
UAE	2,280	2,411	2,479	2,624	2,776	2,938

Average Oil Production (Mn B/D)
Bahrain	0.040	0.040	0.040	0.040	0.040	0.040
Kuwait	2.030	2.060	2.050	2.090	2.050	1.880
Oman	0.810	0.852	0.885	0.904	0.899	0.904
Qatar	0.450	0.460	0.570	0.725	0.805	0.660
Saudi Arabia	8.050	8.020	8.100	8.010	8.280	7.560
UAE	2.170	2.150	2.160	2.250	2.280	2.070
	,
Domestic Public Debt ($ Mn)
Bahrain	848	835	790	850	1,076	-
Kuwait	18,933	18,068	15,275	14,383	13,588	13,341
Oman	816	798	846	817	-	-
Qatar	2,111	2,066	2,180	2,619	2,819	-
Saudi Arabia	90,174	108,224	119,276	127,303	149,174	164,054
UAE	0	0	0	0	0	0

Domestic Public Debt as % of GDP
Bahrain	17	14	13	13	17	-
Kuwait	76	68	49	48	54	45
Oman	6	6	6	5	-	-
Qatar	29	25	24	23	27	-
Saudi Arabia	75	86	84	87	116	118
UAE	0	0	0	0	0	0

Stock Market Capitalization ($ Bn)
Bahrain	5.00	4.73	5.05	7.86	6.79	7.18
Kuwait	10.94	14.38	21.88	29.81	18.84	19.60
Oman	3.02	3.42	4.23	8.75	5.94	5.88
Qatar	-	-	-	2.60	5.40	5.50
Saudi Arabia	38.69	40.85	45.93	59.55	42.72	61.15
UAE	-	-	13.48	21.00	26.21	28.60

Source: Gulf Investment Corporation, GCC Economic Statistics, January 2001.