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FINANCIAL NEWS
Saudi Arabia remains region’s largest economy in 2012: IIF
11 Mar 2013
(MENAFN) The Institute for International Finance (IIF) stated that in 2012, Saudi Arabia remained the region’s largest economy, due to high oil production, reported Emirates 24/7.
The IIF said that the Kingdom’s gross domestic product (GDP) reached nearly USD640 billion in the year, driven by strong oil production that surged to an average of 9.8 million barrels per day (bpd).
The Washington-based firm added that in the year, the UAE kept its position as the second-biggest economy in the region, with its GDP hitting USD375 billion, compared with USD352 billion in 2011.
The institute noted that during the current year, the UAE’s economy will grow to USD395 billion, and will reach USD410 billion in 2014.
It is worth noting that Egypt was the third largest Arab economy in 2012, with a GDP of about USD257 billion.
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