The nominal GDP of the Gulf region hit $1.34 trillion, backed by growth in Saudi Arabia, Qatar and the UAE. This figure represents a year-on-year expansion of 7.4 percent last year, an increase of 4.8 percent (or $1.08 trillion) from 2010 according to a report from the National Bank of Abu Dhabi.The economy of the GCC ranks 14th in the world, behind Australia.Most of the growth was a result of increased oil production in the UAE and Saudi Arabia, and expansion in Qatar.
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