Economy of the Arab League

The economy of the Arab League is the economy of the member states of the Arab League. The economy is primarily dependent on exports of oil and natural gas; in recent years however, tourism has grown rapidly, becoming the fastest growing sector in the region.

Part of a series on the
Politics of the Arab world
Issues
Weapons of mass destruction
Geography
Regions
Deserts
Governance
Institutions
Unity
Arab leaders
Ideology
Attempts at political union
Organizational unions
Foreign relations
Multilateral
Bilateral
Military
Joint defence
Economy
Transportation
Railways
Bridges
Culture
Media
Arab Capital of Culture
Sport
Demographics
Religion
Ethnicities
Lifestyles
Language

The Greater Arab Free Trade Area, founded in 1997, is a pan-Arab free trade area that effectively rendered 95% of all Arab World products free of customs tax.

The economic development in the Arab League exhibits a great diversity. There is a significant difference imbalance in the wealth between the rich oil states of the United Arab Emirates, Qatar, Kuwait and Saudi Arabia, and the developing nations within the League, such as Comoros, Mauritania and Djibouti.

Free trade agreements
Main article: Council of Arab Economic Unity

GDP and GDP per capita of member states
Further information: List of Arab League countries by GDP (nominal) and List of Arab League countries by GDP (PPP)
Arab League HQ building in Cairo, Egypt
Arab League members depending on GDP (PPP)

Based on latest figures and estimates, the Arab League has a total GDP of approximately $7.1 trillion at purchasing power parity, or US$2.4 trillion at nominal values. The member state with the highest total GDP is Saudi Arabia at $2.002 trillion (PPP), or 1,040 billion in current US dollars (nominal), followed by Egypt at $1.562 trillion (PPP). Comoros has the lowest GDP at $3.2 billion (PPP), or US$1.3 billion at nominal, followed by Djibouti at $6.7 billion (PPP).[1]

The country with the highest GDP per capita is Qatar, at $114,789 (PPP), IMF PPP per capita or US$84,514 (nominal). Somalia has the lowest, with a nominal GDP per capita of US$5499.96 or $1,299.96 (PPP). Therefore, Qatar's nominal GDP per capita is around 156 times as high as that of Somalia.

List
Country/TerritoryGDP (nominal)
(US$billion) [2]		GDP (PPP)
(US$billion) [2]		GDP / capita [2]GDP / capita (PPP) [2]
 Algeria[3] 187.155 600.668 4,151.437 13,323.931
 Bahrain 43.544 87.905 28,691.769 57,921.465
 Comoros 1.242 3.214 1,299.682 3,364.331
 Djibouti 3.725 6.619 3,665.827 6,513.859
 Egypt 469.094 1,661.955 4,504.369 15,958.549
 Iraq 282.876 524.210 6,695.851 12,408.385
 Jordan 48.066 123.351 4,666.199 11,974.857
 Kuwait 183.568 248.113 38,123.224 51,527.916
 Lebanon 24.494 (2020) 77.651 (2020) 3,588.705 (2020) 11,376.759 (2020)
 Libya 40.836 128.389 6,025.680 18,944.704
 Mauritania 10.091 30.013 2,328.251 6,924.845
 Morocco 142.874 359.671 3,896.214 9,808.319
 Oman 108.969 190.475 23,541.507 41,150.002
 Palestine 18.818 33.996 3,517.363 6,354.205
 Qatar 221.369 303.596 82,886.789 113,674.648
 Saudi Arabia[4] 1,010.588 2,018.260 27,941.493 55,802.338
 Somalia 8.416 20.642 539.001 1,322.027
 Sudan 42.762 207.713 916.033 4,449.591
 Syria 60.043 (2010) 136.359 (2010) 11,304.64 (2010) 6,374.064 (2010)
 Tunisia 46.282 151.495 3,815.820 12,490.201
 United Arab Emirates 503.913 814.733 47,792.940 77,272.298
 Yemen 27.594 67.454 873.903 2,136.280
 Arab League 3,486.319[2][n 1] 7,796.482[2][n 2] 7,722.731[5] 17,270.403[6]

.[7]

Notes
    1. The sum of all GDP figures below.
    2. The sum of all GDP figures below.

    References
    1. "World Economic Outlook, April 2022: War Sets Back The Global Recovery". IMF. Retrieved 2022-05-16.
    2. "Report for Selected Countries and Subjects". IMF.
    3. "Here Are the Richest Countries in the MENA Region 2021".
    4. "These are the 25 richest countries in the world". USA Today.
    5. "Population-The World Factbook". www.cia.gov.
    6. "Population-The World Factbook". www.cia.gov.
    7. "Quality of Nationality Index".
    This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.