UAE 3rd richest Arab state in 2012

Mar 13, 2013 12:00 AM

The UAE emerged as the third richest nation in 2012 after dominating the second position for a long period of time before the country massively revised up its population over the past few years, according to new data.

The figures showed the UAE was third to Qatar and Kuwait by GDP per capita, which stood at around $45,731 last year.

The figures by the Washington-based Institute for International Finance (IIF) showed the UAE nominal GDP peaked at about $375 billion in 2012 while its population stood at 8.2 million. The UAE had estimated the population at just around five million in 2009 before it was massively revised upwards following new demographic surveys.

Qatar emerged as the wealthiest Arab country in 2012 and was the richest nation on earth in 2011, with its GDP climbing to an all time high of $182 billion last year because of soaring gas exports and high oil prices. Its population stood at 1.8 million, pushing its GDP per capita to a record high of $101,111.

IIF put Kuwait’s GDP at around $178 billion and population at 3.7 million, with a per capita of $48,108 in 2012. Oman was ahead of Saudi Arabia in terms of per capita, which stood at $25,806, with a nominal GDP of $80 billion and population of 3.1 million.

Saudi Arabia, the largest Arab economy and world’s top oil supplier, had a per capita of $22,377 as its GDP was estimated at $640 billion and population at 28.6 million.

Bahrain, the only Gulf country which does not export crude oil, came sixth by GDP per capita, which stood at $20,770. Its GDP stood at around $27 billion in current prices last year and population at nearly 1.3 million at the end of 2012.

Outside the oil-rich Gulf, Lebanon topped the list in 2011 while Algeria came second given its massive hydrocarbon wealth. Libya, which was the richest outside the Gulf, was included in the report because of political unrest in 2011.

An official Arab report showed Mauritania was the poorest nation in 2011 and is expected to have remained so in 2012.

Somalia, which had lagged behind Mauritania in previous years, was not listed in 2011-2012 due to persistent instability and the absence of a government.

The report by the Kuwaiti-based Inter-Arab Investment Guarantee Corporation (IAIGC) estimated the per capita in 2011 at around $10,970 in Lebanon, $9,001 in Algeria, $4,593 in Tunisia, $4,592 in Jordan, $3,306 in Iraq, $3,162 in Morocco, $3,050 in Syria, $,2922 in Egypt, and $1,939 in Sudan.

Low per capita courtiers included Djibouti with $1,500, Yemen with $1,560 and Mauritania with around $1,207. Palestine was not included in the list given the absence of updated statistics on its economy.

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