1.41 trillion dollars is the total output of the Gulf states in 2020

 The gross domestic product (GDP) at current prices of the six countries of the Gulf Cooperation Council during the year 2020 amounted to 1.41 trillion dollars, of which 700.1 billion dollars is for Saudi Arabia alone.

On Tuesday, the Saudi Al-Eqtisadiah newspaper published a report based on data from the International Monetary Fund and Gulf statistical agencies, which showed that Saudi Arabia's share of the Gulf economy in 2020 rose to 49.8%, compared to 48.4% in 2019.

The report indicated that the increase in Saudi Arabia's share of the Gulf economy in 2020 came as a result of being affected less frequently among the Gulf countries by the Corona pandemic, as the GDP at current prices declined 11.7%, which is the lowest in the Gulf.

The Bahraini GDP fell 11.9%, the UAE 15.9%, the Qatari 16.9%, the Omani 17.2% and the Kuwaiti 19.8%, the largest decline among the GCC countries.

While the gross domestic product of the Gulf states collectively decreased by 14.3% to reach about $ 1.41 trillion, compared to about $ 1.64 trillion in 2019, with the decline in prices and demand for oil due to the outbreak of the Corona pandemic during the past year.

Regarding the ranking of the Gulf countries in terms of GDP at current prices during 2020, the UAE came behind Saudi Arabia with a domestic product of $ 354.3 billion, which constitutes 25.2% of the GDP of the Gulf countries, compared to a product of $ 421.1 billion in 2019 (25.7% of the Gulf product).

In third place, Qatar came with a GDP of $ 146.1 billion, which represents 10.4% of the GDP of the Gulf countries, compared to a product of $ 175.8 billion in 2019 (10.7% of the Gulf product).

Kuwait came fourth, with a gross domestic product of $ 107.9 billion, which constitutes 7.7% of the GDP of the Gulf countries, compared to a product of $ 134.6 billion in 2019 (8.2% of the Gulf product).

In fifth place, Oman came with a GDP of $ 63.2 billion, which constitutes 4.5% of the Gulf's GDP, compared to a product of $ 76.3 billion in 2019 (4.7% of the Gulf GDP).

Finally, Bahrain came with a GDP of $ 33.9 billion, which constitutes 2.4% of the Gulf's GDP, compared to a output of $ 38.5 billion in 2019 (2.3% of the Gulf's output).

The new Corona virus epidemic affected the Gulf economies due to the low price of oil accompanied by the lack of demand for it, in addition to the economic closure that accompanied the partial and total embargo as part of the precautionary measures adopted by the Gulf governments.