Middle East, the entire region is best known for exporting hydrocarbons, oil, round the globe and the oil industries has played a significant role in generating wealth and movement of labor. The economy of the middle east revolve around free marketing economy to retailer economy to socialist economy there by the regional incorporation enhances each tributary’s per capita gross domestic product. According to International Monetary fund analysis of growth determinant, the increase in integration of international market is essential to boost the country’s economy and growth, and due to this Iran and turkey are evolving faster than any other countries. The Middle east economic integrations mainly concerns with maintaining, security, stability, preventing conflicts, making economic welfare gains, and prosperity by regional economic incorporation.
Here are the topped listed countries classified on per gross domestic product, and the main industries contributing in evolution, GDP and wealth of a state.
Iran, shares borders with gulf of Persia, Gulf of Oman, and the Caspian Sea. Ran is capitalized by Tehran, and entertains a total of $13, 200 of per capita gross domestic product and is ranked 10 out of 10 estates in Iran being richest. It is ranked world’s 17th largest economy in the world by purchasing power parity and has one of the largest economies in the world there by it is ranked 69 out of 139 in Global Competitiveness Report . There are around 40 industries that are directly involve in Iran’s capital market and Tehran stock exchange, industries such as automotive, telecommunications, petrochemical, mining, steel iron, copper banking, insurance, agriculture and financial mediation bring an exchange that shares at stock market makes it different and unique from entire middle east. The contribution by each industry, as it has mixed and transitional economy varies such as agriculture contributes just over 11% to GDP, industrial sector that includes mining, manufacturing and construction up to 42% to the GDP. The public agencies and semi state organizations known as Bonyads contribute over 20% of Iran’s GDP, and 60% of government revenue is brought by exchange of oil and gas.
GDP : $ 15, 700
Lebanon, comes from a Semitic root LBN meaning ‘white’. It is bordering a Mediterranean sea and is capitalized by Beirut, which is the most expensive city to live in with in Middle East. It is ranked 9th out 10 based on classification per capita gross domestic product, with a share of $ 15700. The IMF forecasted a growth rate of 7% and though that it has the 54th richest GDP per capita in the world it is estimated that by 2015 it will be 19, 100. Lebanon has a private sector and developing economy to which Tourism and banking is contributing around 6.3-75% to the GDP depending upon the abundant jobs provide by private sectors. Initially its economy was inhibited by secretariat conflicts but now is rebuilding by growth of its industry, including cement, services sector and foreign investments are making a huge comeback that encouraging more capital investments that contributes more than 70% of countries economy.
8. Saudi Arabia
GDP: $24, 500
Saudi Arabia, bordering Persian Gulf and the Red Sea , north of Yemen. Riyadh is the capital city and entire country holds a population of 26, 13,703, and is ranked 8th out of 10 GDP per capita of $24, 500. It has the second largest oil reserves that contribute about 55% of Saudi Arabia GDP. The government trying to boost the employment opportunities by encouraging private sectors and foreign investor participation in the telecom sector and power generation to lessens the dependence on oil reserves. The contribution to country’s GDP from different sectors are, agriculture : 3.2%, services :36.4%, industry : 60.4%. Non-manufacturing contributes 10% to Saudi Arabian GDP.
Saudi Arabia has SABIS, Saudi Arabian Basic Industries Corporation, which is world’s 2nd largest producer of methanol and ethylene glycol and 4th largest petrochemical company, which contributes to the majority of per capita GDP.
GDP: $ 26, 900
Oman, located in Middle East, bordering the Arabian Sea, Gulf of Oman and Persian Gulf between UAE and Yemen. Located on south coast of Arabian Peninsula and encompass both the natural beauty and modern politics. Oman is more dependent upon its oil there by its economic performances improves significantly due to upturn in oil prices from1999. It is mainly exporting fish, petroleum, metals and textiles and there by the industry is contributing to 37.3% of its GDP. The main economy of Oman is based on privatization and there by its contributing 60.7% to the GDP. The major industries constitute Crude oil production and refining, natural gas production, cement and copper. The main trading partners are China, UAE, South Korea, Japan, Thailand and earns a total export of $33.9billion.
GDP: $27, 900
Bahrain is regarded as a best and most efficiently regulated financial center, and a most business friendly region in Middle East due to extraordinary favorisim and according to Index Economic Freedom it has the freest economy in the Middle east and north Africa region. . Despite the challenges the Kingdome of Bahrain continue to secure large number of investment throughout the year due to BD, Economic Development Board, which is a dynamic public agency, aims to attract inward investment into Bahrain. Main industries are such as petroleum processing, refining, aluminum smelting, iron, fertilizer, Islamic and off shore- banking. Aluminum accounts for 13% of good export and contributes majorly in rising the country’s GDP. Financial services, regulated by national bank are the largest contributor of GDP, accounts for total of 22.5% of total national output. Economic Intelligence Unit(EIU) forecast the real GDP to grow by an average of 4.5% in an year of 2011-15. To the per capita GDP agriculture accounts for 0.5% only and other services accounts for 41.5%.
GDP: $ 29, 400
It is an island country in the East Mediterranean Sea and is the third largest in Mediterranean Sea. It mainly has a market economy which accounts for four-fifth of GDP and is dominated by service sector out of which real estates, financial services and tourism are the main sectors. It joins hands with European Exchange Rate mechanism and adopted euro as its national currency this help is shifting soaring fiscal of 6.3% into surplus of 1.2%. The major sector contributing to GDP is service sector contributing to 81.1%, industries: 16.5% and agriculture contributes to : 2.4%.
GDP: $31, 400
It borders with Lebanon, Syria, Jordan, west bank, Egypt and the Gulf of Aqaba. It is ranked as the 3rd by the World Bank in the region of Ease of Doing Business Index as well as on World’s Economic Forum’s Global Competitiveness Report. It has a second largest number of Startup Companies. It is ranked 17th among the world’s most economic developed nations according to IMD’s, its economy was also ranked 1 in both rate of research, development center investment and also as the world’s most durable economy in the face of crises. Israel is the dominant tourist destination due to Islamic values, with over 3.45 million foreigners tourist visiting there by sharing a potential contribution of, and 30 % around 2.8% of GDP is derived from agriculture which is brought by citrus fruits, grapes, oranges and lemons. It’s financial and service sector contributes via Israel venture capital and business-incubator industry, up to 61% of GDP.
GDP: $42, 200
It is surrounded by Saudi Arabia and Iraq and holds a ranked of 3 out of 10 according to per capita GDP which is $42, 200. Kuwait being a text free region its oil industry accounts for 80% of government’s revenue. The main contribution to the country’s GDP is by petroleum and petrochemical industries. Other major industries include financial services, water desalination, cement and shipping . It has a well develop banking system as it has National Bank of Kuwait, that is one of the largest in the Arab world, boosting the economy.
2. United Arab Emirates
GDP: $ 48, 800
UAE is ranked 2nd richest country in Middle East and 30th in the world on the list based on classification according to per capita GDP which is about $48, 400. It is proven statistically that UAE has the fastest growing economies in the world where the nominal GDP rose by 20.8% in 2012 to $ 360 billion compared to that in 2011 with $ 298 billion.
Though its economy does not solely rely on natural resources like petroleum or natural gas but still they do play an important role where as significant arouse in GDP i s mainly contributed by massive construction, thriving services sector and expanding manufacturing base, these are also helping UAE to diversify its economy. Nationwide there are billions of dollars construction projects are in progress that brings a huge hand in arousing its wealth .
Sectors like agriculture do not contribute more than 1 % to the UAE GDP.
GDP : $104, 300
Average income per capita is about $88,222 a year, it’s located east of the Arabian Peninsula in the Southwest Asia, bordering the Persian gulf , it’s capital city is Doha and bares a population of 1.9million people. Qatar is topped listed in the list based on GDP per capita and it is said oil has given Qatar a per capita GDP that ranks among the highest in the world. It has more than 5% of the world’s largest natural gas reserve. Initially it was just a poor pearl fishing country but after the exploration of oil and gas it ranks out of the world poorest countries and providing the world’s highest per capita income.
Middle Eastern countries are best known for providing oil, petroleum and natural gas all the surplus money is use as an asset for the country.