Economic growth in the Gulf Cooperation Council (GCC) states significantly weakened in 2019; overall real GDP growth dropped to 0.8% in 2019 from 2% in 2018 before gradually recovering in 2020-21.
Statistics show that, in Middle East regions belonging to GCC, the annual revenues from exports of good and services to other countries was about 527 Billion of US Dollars in the first quarter of 2020.
The gross domestic savings in GCC grew 20 percent in 2018 from 2016, according to figures revealed by the Federal Competitiveness and Statistics Authority. The growth reflects the success achieved by the economic policy adopted by the governments over the past years.
Middle East regions have some of the largest GNP in the world.
The market value of all the goods and services produced in one year by labor and property supplied by the citizens of this geographic area amounts to 1.6 Trillion US Dollars in. the first quarter of 2020.
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