The gross domestic product (GDP) at the current prices of the Arab countries is likely to rise by 21% this year to reach about $3.4 trillion, “representing 3.35% of the global economy,” compared to $2.81 trillion in 2021 “representing 2.92% of the global economy.”
According to the monitoring unit of the reports in the “Al Iqtisadiah” newspaper, and based on the data from the International Monetary Fund and the Arab statistical bodies, Saudi Arabia’s share in the Arab economy in 2022 will amount to about 29.7%. “Same share was in 2021” as the most considerable Arab economy by approximately 1.01 trillion dollars, “3.8 trillion riyals “.
The report includes 20 Arab countries, while no data is available for Syria and Lebanon.
The size of the Arab economy in 2022 exceeds the sixth largest economy in the world, the UK economy, with a GDP of $3.2 trillion, while it comes less than the fifth largest economy in the world, the Indian economy, with an output of $3.47 trillion. It means that if the Arab economy is compared to the largest global economies, it will come in sixth place globally, compared to eighth in 2021.
Three countries are expected to acquire 58.3% of the Arab economy in 2022, namely Saudi Arabia, with a domestic output of $1.01 trillion (29.7%), the UAE, the second largest Arab economy, with $503.9 billion (14.8%), and Egypt, the third largest Arab economy with an output of $469.1 billion (13.8%).
The Gulf economy in its six countries, “Saudi Arabia, the Emirates, Kuwait, Oman, Qatar, and Bahrain,” will constitute about 61% of the Arab economy in 2022, when the GDP of the Gulf countries is expected to reach approximately $2.07 trillion.
Regarding the ranking of Arab countries in terms of GDP at current prices during 2022, Iraq came behind Saudi Arabia, Egypt, and the UAE as the fourth largest Arab economy, with a GDP of $282.9 billion, which constitutes (8.3%) of the gross domestic product of the Arab countries combined.
Fifthly, Qatar came with a GDP of $221.4 billion, representing (6.5%) of the Arab output, then Algeria with a GDP of $187.2 billion, representing (5.5%) of the total.
Kuwait came in seventh place with a GDP of $183.6 billion, which constitutes (5.4%) of the Arab economy, then Morocco in eighth place with a GDP of $142.9 billion, which forms (4.2%) of the Arab world’s GDP.
Moreover, in ninth place, the Sultanate of Oman came with a GDP of 109 billion dollars, which constitutes (3.2%) of the Arab GDP, and the tenth, Jordan, with a GDP of 48.1 billion dollars, representing (1.4%) of the Arab economy.
It was succeeded by Libya, with an output of $46.3 billion (1.4%), Tunisia, with an output of $43.5 billion (1.3%), Bahrain, with $42.8 billion (1.25%) and Sudan, with $40.8 billion (1.2%).
In 15th place, Yemen came with $27.6 billion (0.8%), Palestine with $18.8 billion (0.6%), and Mauritania with $10.1 billion (0.3%).
Somalia recorded a GDP of $8.4 billion 0.2%, Djibouti $3.73 billion 0.1%, and finally Comoros, with an output of $1.24 billion 0.04% of the Arab GDP in 2022.