Kuwait boosts GCC economic performance

07 October 1994
REGIONAL

The six GCC states posted an average growth rate of 5.6 per cent in their gross domestic products (GDPs) in 1993, according to the Doha-based Gulf Organisation for Industrial Consultancy (GOIC). The improvement took place despite a decline in oil revenues, and was mainly due to exceptionally high growth in Kuwait (see page 22).

The aggregate GCC GDP in 1993 was $201,100 million, with Saudi Arabia accounting for more than half and Kuwait showing the highest growth rate. Saudi Arabian growth was only 1.9 per cent, to $113,000 million. Kuwait's GDP grew by 32 per cent to $28,700 million. The UAE growth rate was similar to that of Saudi Arabia, rising to $35,890 million. The remaining GCC members all reported positive growth rates.

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