Iraq, four Arab nations dominate 70% of regional GDP in 2024
Shafaq News/ Iraq, along with four other Arab nations, accounted for more than 70% of the Arab world’s GDP, which exceeded $3.6 trillion in 2024, marking a 1.8% increase from the previous year.
According to the fourth quarterly report of 2024 by the Arab Investment and Export Credit Guarantee Corporation (Dhaman), the bulk of the region’s economic output was concentrated in Iraq, the UAE, Saudi Arabia, Egypt, and Algeria.
Projections for 2025 estimate 4.1% economic growth across the Arab region, driven by expansion in 14 countries, including nine oil-producing nations that contribute 78% of total GDP.
Despite disparities in per capita income across Arab nations, an analysis of total GDP relative to population suggests that the theoretical average income per capita reached $7,557 in 2024, with a projected 1% rise to $7,602 in 2025.
The Arab population surpassed 467 million in 2024, reflecting 2% growth, while unemployment climbed to 9.7%. Inflation rose to 12%, though forecasts suggest a decline to 8.5% in 2025.
Government debt saw a slight decline to 48.3% of GDP, with further reduction expected to 47.6% next year.
Arab foreign trade in goods and services expanded by 3.6%, exceeding $3.3 trillion in 2024. Exports grew 1%, while imports rose at a higher rate of 7%.
Foreign currency reserves also saw a 3.7% increase, reaching $1.2 trillion, a level sufficient to cover over eight months of imports for Arab nations.
