The Arab region has some of the richest countries in the world — both in terms of money and culture.
While the richness of culture and heritage cannot be quantified, we can somewhat estimate the monetary advancement of a country.
The most common way this is done is by calculating a nation’s gross domestic product (GDP).
By definition, GDP is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.
It is usually calculated on an annual basis, with the time period corresponding to the fiscal year rather than the actual calendar year.
GDP functions as a comprehensive scorecard of a country’s economic health, and is often categorized under nominal GDP and real GDP.
Nominal GDP is defined as the actual market value of goods and services produced in an economy, with the value not adjusted for inflation.
Real GDP is when nominal GDP is adjusted for inflation to reflect changes in real output.
And then there is GDP per capita, which is a measure a country’s economic output per person.
It is calculated by dividing the GDP of a country by its population.
Given this, it is safe to assume that if two countries have the same nominal GDP, the one with the lower population has a higher GDP per capita.
Here’s where Arab countries stand with respect to their nominal GDP and GDP per capita:
