The Gulf Cooperation Council (GCC) countries recorded a combined nominal Gross Domestic Product (GDP) of US$587.8 billion by the end of the fourth quarter of 2024, according to new figures released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat). This marks a 1.5% increase from the US$579 billion posted during the same period in 2023.
Non-Oil Economy Outpaces Oil Contributions
GCC-Stat’s data highlights a significant shift toward economic diversification, with non-oil activities contributing 77.9% of total nominal GDP in Q4 2024. Oil-related activities accounted for the remaining 22.1%, underscoring the growing role of non-hydrocarbon sectors in the region’s economic landscape.
Key Sectoral Contributions to GDP
The breakdown of non-oil sector contributions includes:
- Manufacturing: 12.5%
- Wholesale and Retail Trade: 9.9%
- Construction: 8.3%
- Public Administration and Defence: 7.5%
- Finance and Insurance: 7%
- Real Estate Activities: 5.7%
- Other Non-Oil Sectors: 27%
These figures affirm the GCC’s ongoing commitment to economic diversification as outlined in long-term development agendas such as Saudi Vision 2030, UAE Centennial 2071, and similar national strategies across member states.
GCC Diversification Gains Momentum
The latest GDP data reflects sustained regional efforts to expand beyond oil dependency, supported by investments in industrial production, infrastructure, public sector reform, and financial services. The steady rise in nominal GDP and the dominance of non-oil sectors signal growing economic resilience and regional integration among GCC states.
