Arab Countries With Highest and Lowest GDPs vs GDP per Capita

Published September 7th, 2020 - 03:00 GMT
Arab Countries With Highest and Lowest GDPs vs GDP per Capita
Numbers offered in this article are all pre-COVID19, which means that it still doesn't take the negative consequences of the viral outbreak into account. (Shutterstock: zhaoliang70)

In their attempt to study a certain economy and whether or not it's a healthy one, experts usually look for vital signs that make it easier to understand the scene. In addition to inflation rates, unemployment, and investments, analysts would usually take a look at the GDP and another less heard of term; that is the GDP per capita.

While the GPD term is short for Gross Domestic Product, meaning it's the rate at which the national income has grown, the GDP per capita refers to the average income made by individuals in the country, with inflation taken into consideration.

The two closely intertwined terms can indicate either positive progress on behalf of the national economy of a given country or a negative one, in addition to whether a country's wealth is being fairly shared with the public, or at least reflected in services provided to them. Also, these numbers are quite affected by the size of the population in each country, which can significantly affect individuals' shares.

In this article, we'll explore the Arab states with the highest and lowest GDPs on a national level and try to compare them with those per capita in each country, in order for us to learn more about the countries with the highest standards of living compared to ones with poorer conditions.

However, we need to remember that the numbers offered in this article are all pre-COVID19, which means that it still doesn't take the negative consequences of the viral outbreak into account, as 2020 GDP rates have not been released yet.

Also, all numbers shared here are based on the IMF's World Economic Outlook for 2019.

1. Saudi Arabia

Being the number one producer of oil in the region, Saudi Arabia is the highest-ranking Arab country on the list and the 19th worldwide.

On a national level, Saudi has a GDP of $790.06 billion while the annual average made by its citizens and residents nears  $22,694 per capita.

2. UAE

Ranking 2nd on the Arab World and 30th worldwide, the UAE, also majorly reliant on the oil industry in addition to other emerging business sectors has achieved a GDP of $449.13 billion, while its people have had an average of $45,411 a year.

3. Egypt

Producing natural gas and having a huge working population especially in the agricultural sector, Egypt came in 3rd place in the region but 42nd in comparison to other world countries.

The national GDP achieved $331.36 billion during 2019 while individuals made an annual average of $3,238.

4. Iraq

Another large producer and exporter of oil comes in fourth, with $246.93 billion on a national level in addition to $6,139 on average for people.

5. Qatar

Despite it coming in 5th regional place in terms of national GDP in the region and the 53rd globally with $204.01 billion during 2019, Qatar was the top Arab country and the 10th highest-ranking worldwide in terms of GDP per capita, with $70,810 per individual. This is mostly due to the Qatari population not exceeding 3 million people.

Qatar is a major producer and exporter of natural gas.

6. Algeria

Another producer of natural gas and the largest Arab country in terms of area came in 6th place regionally and the 54th in the global list, with $193.06 billion but only $4,403 per person. Algeria's population nears 44 million people.

7. Kuwait

A small country in terms of area, yet a main oil producer in the region, Kuwait came in 7th Arab place and 58th on a global scale, making $143.00 billion and $33,485 per person.

8. Morocco

The north African country populated with about 38 million made $129.06 billion on the national level but only $3,496 per capita.

9. Oman

Another GCC country rich with oil fields, Oman comes in 69th rank worldwide making $84.16 billion and $16,480 per individual.

10. Lebanon

Despite going through a massive economic meltdown, Lebanon came in 10th place in the region and 82nd worldwide, making $60.62 billion nationally and only $8,881 per capita.

11. Libya

War-torn Libya maintained a relatively high GDP rate during 2019 despite the political conflict in the country, thanks to its oil reserves, making it the 11th highest Arab GDP and the 89th on a global level.

Libya's GDP is about $50.42 billion and its individuals made an annual average of $7,338.

12. Jordan

Poor in resources, Jordan ranks the 12th highest GDP in the Arab world but the 93rd globally, making $46.45 billion nationally but only $4,553, despite its population not exceeding 11 million.

13. Bahrain

The smallest oil-rich country in the region with the population not exceeding 2 million people achieved a $40.71 billion in GDP compared to $23,923 per capita, making it the 13th Arab rank and 96th worldwide.

14. Tunisia

North Africa's smallest country with about 12 million people made it to the 98th international rank with about $35.15 billion during 2019, but only about $2,974 per individual.

15. Yemen

Living through the fourth year of the civil war, Yemen's economy ranked 15th out of 22 Arab nations, and the 102 out of 211 worldwide, Yemen made a total of $31.39 billion during 2019, with its people making an average of $1,052 annually.

16. Somalia

With about 16 million people, the country ranked 16th on a regional scale but 144th internationally, making $8.34 billion, while its people made an average of $525 a year.

17. Mauritania

To the far west of the Arab world, Mauritania made about $5.70 billion during 2019, while each person of its about 5 million people made an annual average of $1,225, ranking 17th regionally and 151st globally.

18. Djibouti

Still in the African part of the Arab World, the former French colony with less than a million people ranked 18th and 165th regionally and globally, making $2.60 billion with each individual earning an average of $2,631.

19. Comoros

Also a country with less than 1 million people, the Islands in the Indian ocean have ranked 181th globally making $773.00 Million in GDP, and about $889 in GDP per capita.

Data on 2019 GDP in Palestine, Sudan, and Syria are not available, as the three countries live through political and economic instability.

Finally, a quick recap of Arab nations ranked based on their 2019 GDP per capita goes as follows:

Qatar, UAE, Kuwait, Bahrain, Saudi Arabia, Oman, Lebanon, Libya, Iraq, Jordan, Algeria, Morocco, Egypt, Tunisia, Djibouti, Mauritania, Yemen, Comoros, and last but not least Somalia.


© 2000 - 2021 Al Bawaba (www.albawaba.com)

You may also like

Subscribe

Sign up to our newsletter for exclusive updates and enhanced content