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FINANCIAL NEWS
GCC’s combined GDP at USD1.37tr in 2011
19 Nov 2012
(MENAFN) The International Monetary Fund (IMF) stated that in 2011, the combined amount of gross domestic product (GDP) of Gulf Cooperation Council’s (GCC) countries reached USD1.37 trillion, reported Gulf News.
The IMF said that the amount, in nominal terms not adjusted for inflation, is forecasted to grow during the current year to USD1.48 trillion, and hit USD1.53 trillion next year.
According to the latest available statistics, Saudi nominal GDP is at USD633 billion, placing the Kingdom ahead of some European countries, including Sweden, Belgium and Norway.
In 2011, GCC countries posted surpluses of USD174 billion, accounting for around 12.7 percent of the value of GDP of the regional grouping.
Saudi Arabia managed to reverse expected budgetary deficit of USD11 billion to a surplus of USD82 billion, driven by stronger oil generated revenues.
The GCC’s current account also posted a surplus of USD363 billion in 2011, which rose to USD383 billion in 2012.
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