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.