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DOHA: The nominal gross domestic product of the GCC region reached a new record high of $1.56 trillion in 2012, up from $1.44 trillion the previous year. With a share of $192bn (12.3 percent), Qatar is the third biggest contributor to the GCC’s combined GDP, Al Sharq reported quoting an international bank research note as saying.
Saudi Arabia continued to be the major contributor, with 47 percent of the total GDP of the region. UAE accounted for second largest contributor with its share of 23 percent. The report noted that Qatar may become the second largest economy in the GCC, next to Saudi, should Qatari GDP continues to grow at the rate of five percent for next five years. The Peninsula