Middle East - Economy

Economy

Middle Eastern economies range from being very poor (such as Gaza and Yemen) to extremely wealthy nations (such as Qatar, UAE and Saudi Arabia). Overall, as of 2007, according to the CIA World Factbook, all nations in the Middle East are maintaining a positive rate of growth.

According to the World Bank's World Development Indicators database published on July 1, 2009, the three largest Middle Eastern economies in 2008 were Turkey ($ 794,228,000,000), Saudi Arabia ($ 467,601,000,000) and Iran ($ 385,143,000,000) in terms of Nominal GDP. In regards to nominal GDP per capita, the highest ranking countries are Qatar ($93,204), the UAE ($55,028), Kuwait ($45,920) and Cyprus ($32,745). Turkey ($ 1,028,897,000,000), Iran ($ 839,438,000,000) and Saudi Arabia ($ 589,531,000,000) had the largest economies in terms of GDP-PPP. When it comes to per capita (PPP)-based income, the highest-ranking countries are Qatar ($86,008), Kuwait ($39,915), the UAE ($38,894), Bahrain ($34,662) and Cyprus ($29,853). The lowest-ranking country in the Middle East, in terms of per capita income (PPP), is the autonomous Palestinian Authority of Gaza and the West Bank ($1,100).

The economic structure of Middle Eastern nations are different in the sense that while some nations are heavily dependent on export of only oil and oil-related products (such as Saudi Arabia, the UAE and Kuwait), others have a highly diverse economic base (such as Cyprus, Israel, Turkey and Egypt). Industries of the Middle Eastern region include oil and oil-related products, agriculture, cotton, cattle, dairy, textiles, leather products, surgical instruments, defence equipment (guns, ammunition, tanks, submarines, fighter jets, UAVs, and missiles). Banking is also an important sector of the economies, especially in the case of UAE and Bahrain.

With the exception of Cyprus, Turkey, Egypt, Lebanon and Israel, tourism has been a relatively undeveloped area of the economy, in part because of the socially conservative nature of the region as well as political turmoil in certain regions of the Middle East. In recent years, however, countries such as the UAE, Bahrain, and Jordan have begun attracting greater number of tourists because of improving tourist facilities and the relaxing of tourism-related restrictive policies.

Unemployment is notably high in the Middle East and North Africa region, particularly among young people aged 15–29, a demographic representing 30% of the region's total population. The total regional unemployment rate in 2005, according to the International Labor Organization, was 13.2%, and among youth is as high as 25%, up to 37% in Morocco and 73% in Syria.