section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Middle Eastern economies range from being very poor (such as Gaza and Yemen) to extremely wealthy nations (such as Qatar and UAE). Overall, as of 2007, according to the CIA World Factbook, all nations in the Middle East are maintaining a positive rate of growth.
  
  According to the International Monetary Fund, the three largest Middle Eastern economies in nominal GDP in 2023 were Saudi Arabia ($1.062 trillion), Turkey ($1.029 trillion), and Israel ($539 billion). Regarding nominal GDP per capita, the highest ranking countries are Qatar ($83,891), Israel ($55,535), the United Arab Emirates ($49,451) and Cyprus ($33,807). Turkey ($3.573 trillion), Saudi Arabia ($2.301 trillion), and Iran ($1.692 trillion) had the largest economies in terms of GDP PPP. When it comes to GDP PPP per capita, the highest-ranking countries are Qatar ($124,834), the United Arab Emirates ($88,221), Saudi Arabia ($64,836), Bahrain ($60,596) and Israel ($54,997). The lowest-ranking country in the Middle East, in terms of GDP nominal per capita, is Yemen ($573).
  
  The economic structure of Middle Eastern nations are different in the sense that while some nations are heavily dependent on export of only oil and oil-related products (such as Saudi Arabia, the UAE and Kuwait), others have a highly diverse economic base (such as Cyprus, Israel, Turkey and Egypt). Industries of the Middle Eastern region include oil and oil-related products, agriculture, cotton, cattle, dairy, textiles, leather products, surgical instruments, defence equipment (guns, ammunition, tanks, submarines, fighter jets, UAVs, and missiles). Banking is also an important sector of the economies, especially in the case of UAE and Bahrain.
  
  With the exception of Cyprus, Turkey, Egypt, Lebanon and Israel, tourism has been a relatively undeveloped area of the economy, in part because of the socially conservative nature of the region as well as political turmoil in certain regions of the Middle East. In recent years, however, countries such as the UAE, Bahrain, and Jordan have begun attracting greater numbers of tourists because of improving tourist facilities and the relaxing of tourism-related restrictive policies.
  
  Unemployment is notably high in the Middle East and North Africa region, particularly among young people aged 15–29, a demographic representing 30% of the region's total population. The total regional unemployment rate in 2005, according to the International Labour Organization, was 13.2%, and among youth is as high as 25%, up to 37% in Morocco and 73% in Syria.