Emirates NBD Research
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GCC Forecasts
| UAE | 2019 | 2020 | 2021E | 2022F | 2023F |
| Nominal GDP USD bn | 417.5 | 359.1 | 415.1 | 511.7 | 530.1 |
| Real GDP % | 3.4 | -6.1 | 3.8 | 5.7 | 5.8 |
| Current Account % GDP | 8.9 | 5.8 | 7.9 | 14.5 | 14.2 |
| Budget Balance % GDP | 2.6 | -2.4 | 4.5 | 8.3 | 5.0 |
| CPI % | -1.9 | -2.1 | 0.2 | 4.3 | 2.5 |
| KSA | 2019 | 2020 | 2021E | 2022F | 2023F |
| Nominal GDP USD bn | 803.6 | 703.4 | 833.5 | 1,081.8 | 1,088.4 |
| Real GDP % | 0.3 | -4.1 | 3.2 | 7.7 | 3.5 |
| Current Account % GDP | 4.8 | -3.1 | 5.8 | 16.8 | 12.5 |
| Budget Balance % GDP | -4.4 | -11.1 | -2.3 | 10.2 | 7.3 |
| CPI % | -1.2 | 3.4 | 3.1 | 3.0 | 2.5 |
| Qatar | 2019 | 2020 | 2021E | 2022F | 2023F |
| Nominal GDP USD bn | 175.8 | 144.4 | 186.1 | 241.9 | 239.1 |
| Real GDP % | 0.8 | -3.6 | 2.5 | 5.1 | 2.8 |
| Current Account % GDP | 2.4 | -2.5 | 2.8 | 7.6 | 6.9 |
| Budget Balance % GDP | 1.0 | -2.1 | 3.2 | 15.8 | 12.7 |
| CPI % | -0.9 | -2.6 | 2.3 | 3.5 | 2.0 |
| Kuwait | 2019 | 2020 | 2021E | 2022F | 2023F |
| Nominal GDP USD bn | 136.2 | 105.7 | 134.4 | 184.6 | 182.6 |
| Real GDP % | -0.6 | -8.9 | 1.4 | 6.7 | 4.1 |
| Current Account % GDP | 24.5 | 21.1 | 25.4 | 38.2 | 33.1 |
| Budget Balance % GDP | -13.6 | -33.2 | -5.7 | 10.1 | 5.5 |
| CPI % | 1.1 | 2.1 | 3.4 | 3.5 | 2.5 |
| Oman | 2019 | 2020 | 2021E | 2022F | 2023F |
| Nominal GDP USD bn | 87.9 | 73.9 | 85.8 | 109.6 | 109.3 |
| Real GDP % | -1.1 | -3.2 | 3.0 | 4.0 | 3.1 |
| Current Account % GDP | -4.9 | -11.7 | -2.5 | 12.6 | 9.5 |
| Budget Balance % GDP | -7.7 | -15.5 | -3.7 | 7.0 | 7.0 |
| CPI % | 0.1 | -0.9 | 1.6 | 2.5 | 2.0 |
| Bahrain | 2019 | 2020 | 2021E | 2022F | 2023F |
| Nominal GDP USD bn | 38.7 | 34.7 | 38.9 | 46.1 | 47.6 |
| Real GDP % | 2.0 | -4.4 | 2.2 | 3.4 | 3.7 |
| Current Account % GDP | -2.1 | -9.3 | 6.7 | 9.1 | 8.0 |
| Budget Balance % GDP | -4.7 | -12.9 | -6.6 | 3.6 | 3.2 |
| CPI % | 1.0 | -2.3 | -0.6 | 3.0 | 2.0 |
| GCC Average* | 2019 | 2020 | 2021E | 2022F | 2023F |
| Nominal GDP USD bn | 529.5 | 466.1 | 548.3 | 707.3 | 714.8 |
| Real GDP % | 1.0 | -4.9 | 3.1 | 6.6 | 4.0 |
| Current Account % GDP | 6.5 | 0.4 | 7.1 | 16.7 | 13.7 |
| Budget Balance % GDP | -3.0 | -9.9 | -0.5 | 10.2 | 7.1 |
| CPI % | -1.0 | 1.0 | 2.2 | 3.4 | 2.4 |
* Weighted by normal GDP