Oman's GDP at $81bn, Kuwait $77bn

Oman's Gross Domestic Product (GDP) reached USD 81 billion in 2012, according to a freshly-released report by the GCC Chambers of Commerce. The sultanate oil sector constituted three percent of the GDP, due to hike of oil prices, and the non-oil sector, seven percent. As to Kuwait, the GDP, last year, amounted to USD 177 billion, Saudi Arabia USD 642 billion, the UAE USD 376 billion, Qatar USD 200 billion and Bahrain USD 27 billion. GCC states' economies grew by 5.5 percent, in 2012, whereas the overall GDP of the Council member states reached USD 1.48 trillion, the report said, also noting that the GCC states' daily crude oil output stood at 16.1 million barrels. The GCC countries' net current account reached USD 378 billion, Gulf and foreign assets rose to USD 2.2 trillion. Their exports of services and commodities amounted to USD 850 billion while imports stood at USD 578 billion. Majority of the GCC states depend on oil as a source of income. The countries of the bloc have been seeking to diversify sources of income and broadening affiliate industries such as petrochemicals. The GCC, founded in the early 80s, comprises Kuwait, Saudi Arabia, Bahrain, Qatar, the UAE and Oman.