MIDDLE EAST

According to the World Bank’s World Development Indicators database published on July 1, 2009, the three largest Middle Eastern economies in 2008 were Turkey ($794,228,000,000), Saudi Arabia ($467,601,000,000) and Iran ($385,143,000,000) in terms of Nominal GDP. Regarding nominal GDP per capita, the highest ranking countries are Qatar ($93,204), the UAE ($55,028), Kuwait ($45,920) and Cyprus ($32,745). Turkey ($1,028,897,000,000), Iran ($839,438,000,000) and Saudi Arabia ($589,531,000,000) had the largest economies in terms of GDP-PPP. When it comes to per capita (PPP)-based income, the highest-ranking countries are Qatar ($86,008), Kuwait ($39,915), the UAE ($38,894), Bahrain ($34,662) and Cyprus ($29,853). The lowest-ranking country in the Middle East, in terms of per capita income (PPP), is the autonomous Palestinian Authority of Gaza and the West Bank ($1,100).

The economic structure of Middle Eastern nations are different in the sense that while some nations are heavily dependent on export of only oil and oil-related products (such as Saudi Arabia, the UAE and Kuwait), others have a highly diverse economic base (such as Cyprus, Israel, Turkey and Egypt). Industries of the Middle Eastern region include oil and oil-related products, agriculture, cotton, cattle, dairy, textiles, leather products, surgical instruments, defence equipment (guns, ammunition, tanks, submarines, fighter jets, UAVs, and missiles). Banking is also an important sector of the economies, especially in the case of UAE and Bahrain.

Contact us