Tuesday, 17 July, 2018

Iran Named as Second Largest Economy in Middle East and Central Asia, IMF Says

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Iran named as the second largest economy in the Middle East, Northern Africa, and Central Asia area in 2014, according to a report issued by International Monetary Fund (IMF),

IMF estimates shows that Iran’s total GDP reached around $406 billion in 2014, thereby Iran is regarded as the second largest economy among 30 countries in the Middle East, Northern Africa, and Central Asia area.

Saudi Arabia has achieved the first rank by having total GDP around $752 billion. United Arab Emirates, with GDP around $401 billion, holds the third rank.  

According to this report, the overall GDP of the region is around $3,459 billion in 2014, of which $2,579 billion belongs to the Middle East oil-producing countries.  

While the price of oil has been on the decline during these recent months, IMF has predicted that GDP of such countries will decline by $303 billion in 2015, reaching $2,276 billion.

GDP of some countries in the Middle East in 2014 is as follows: (in Billion dollars)

Bahrain (34), Iraq (225), Pakistan (250), Kuwait (172), Libya (42), Yemen (43), Afghanistan (20/4), Tunisia (48/9), Azerbaijan (74/4), Kazakhstan (223), and Armenia (10/2).       

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