Overview of economic performance of GCC countries
The Gulf Cooperation Council comprising of Kuwait, Bahrain, United Arab Emirates, Qatar, Saudi Arabia and Oman are oil rich nations representing an aggregate of 35.7 percent of global oil reserves. These nations are the largest exporter and producer of petroleum and have experienced excellent economic growth since the year 2008. The economic growth rate of the GCC nations has increased threefold to $1.4 trillion in the year 2011. The estimated growth of Gross Domestic Product for the GCC nations in the year 2013 is forecasted to reach around $1.5 trillion. The aggregate growth of Gross Domestic Product in the ...