GCC chemicals industry contributed 31% to regional manufacturing GDPStaff writer ▼ | October 2, 2015
With revenues reaching almost $88 billion in 2014, the petrochemicals industry contributed to 31% of the GCC’s total manufacturing GDP, according to a report by the Gulf Petrochemicals and Chemicals Association (GPCA).
GPCA report Gulf Petrochemicals and Chemicals Association:
However, the slumping oil prices and the economic slowdown in China have had a direct negative impact on petrochemicals prices, with revenues declining from $89.4 billion in 2013, according to the GCC Petrochemicals and Chemicals Facts and Figures 2014, which will be released at the 10th Annual GPCA Forum in November 2015.
As the region’s largest petrochemical producer, Saudi Arabia’s manufacturing portfolio comprised 63% of the region’s chemical portfolio and earned $68.3 billion, followed by Qatar’s revenues of almost $8 billion. The GCC’s total chemical capacity for 2014 exceeded 136.2 million tons.
The strong sector attracted considerable GCC nationals into its workforce in 2014, with a nationalization rate of 67% among GPCA member companies. ■