Emirates NBD Research
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GCC Forecasts
| UAE | 2019 | 2020 | 2021E | 2022F | 2023F |
| Nominal GDP USD bn | 418.3 | 349.7 | 415.3 | 511.5 | 548.5 |
| Real GDP % | 1.1 | -5.0 | 3.9 | 7.0 | 3.9 |
| Current Account % GDP | 8.9 | 6.0 | 11.6 | 15.3 | 16.4 |
| Budget Balance % GDP | 2.6 | -2.5 | 4.5 | 5.9 | 4.0 |
| CPI % | -1.9 | -2.1 | 0.2 | 4.5 | 2.7 |
| KSA | 2019 | 2020 | 2021E | 2022F | 2023F |
| Nominal GDP USD bn | 803.6 | 703.4 | 833.5 | 1026.4 | 1089.0 |
| Real GDP % | 0.3 | -4.1 | 3.2 | 7.7 | 3.5 |
| Current Account % GDP | 4.8 | -3.2 | 5.3 | 14.0 | 13.3 |
| Budget Balance % GDP | -4.4 | -11.1 | -2.3 | 8.2 | 8.5 |
| CPI % | -1.2 | 3.4 | 3.1 | 3.0 | 2.5 |
| Qatar | 2019 | 2020 | 2021E | 2022F | 2023F |
| Nominal GDP USD bn | 176.4 | 144.4 | 179.6 | 230.9 | 244.1 |
| Real GDP % | 0.8 | -3.6 | 1.5 | 5.1 | 2.7 |
| Current Account % GDP | 2.4 | -2.1 | 14.6 | 13.9 | 13.0 |
| Budget Balance % GDP | 1.0 | -2.1 | 0.2 | 13.2 | 14.0 |
| CPI % | -0.9 | -2.6 | 2.3 | 4.3 | 2.5 |
| Kuwait | 2019 | 2020 | 2021E | 2022F | 2023F |
| Nominal GDP USD bn | 136.2 | 105.7 | 134.4 | 173.9 | 185.6 |
| Real GDP % | -0.6 | -8.9 | 1.4 | 6.7 | 4.1 |
| Current Account % GDP | 24.5 | 21.1 | 25.1 | 35.1 | 34.6 |
| Budget Balance % GDP | -13.6 | -33.2 | -7.0 | 7.9 | 7.1 |
| CPI % | 1.1 | 2.1 | 3.4 | 4.0 | 2.5 |
| Oman | 2019 | 2020 | 2021E | 2022F | 2023F |
| Nominal GDP USD bn | 87.9 | 73.9 | 85.8 | 106.8 | 112.9 |
| Real GDP % | -1.1 | -3.2 | 3.0 | 4.9 | 3.4 |
| Current Account % GDP | -4.9 | -11.7 | -2.5 | 9.9 | 10.7 |
| Budget Balance % GDP | -7.7 | -15.5 | -3.7 | 6.3 | 8.8 |
| CPI % | 0.1 | -0.9 | 1.6 | 3.3 | 2.5 |
| 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 | 7.5 | 8.8 |
| Budget Balance % GDP | -4.7 | -12.8 | -6.5 | 0.7 | 1.7 |
| CPI % | 1.0 | -2.3 | -0.6 | 3.5 | 2.0 |
| GCC Average* | 2019 | 2020 | 2021E | 2022F | 2023F |
| Nominal GDP USD bn | 529.6 | 464.4 | 549.0 | 673.9 | 716.3 |
| Real GDP % | 0.5 | -4.6 | 3.0 | 6.9 | 3.6 |
| Current Account % GDP | 6.5 | 0.4 | 9.1 | 16.4 | 15.2 |
| Budget Balance % GDP | -3.0 | -10.0 | -0.9 | 7.9 | 7.8 |
| CPI % | -1.0 | 1.0 | 2.2 | 3.6 | 2.5 |
* Weighted by normal GDP