The combined Gross Domestic Product (GDP) of Gulf Cooperation Council (GCC) countries at constant prices rose to USD 456.3 billion by the end of Q4 2024, marking a 3.3% increase compared to USD 442.3 billion during the same period in 2023.
This regional economic growth was outlined in new data released by the Statistical Centre for the Cooperation Council for the Arab States of the Gulf (GCC STAT). The report also revealed that non-oil sectors contributed 70.6% to the GCC’s real GDP, highlighting a continued shift toward economic diversification. In contrast, oil-related activities made up 29.4% of the total GDP.
Quarterly Growth Driven by Diversified Sectors
When compared to the third quarter of 2024, the GCC’s real GDP also saw a quarterly increase of 1%. It rose from USD 452.2 billion in Q3 to USD 456.3 billion in Q4. Although the growth rate was moderate, it demonstrated a steady recovery supported by both structural reforms and policy measures aimed at expanding non-oil industries.
Non-Oil Contributions Lead Regional Output
The dominance of non-oil activities reflects the ongoing transformation of Gulf economies. With 70.6% of output now driven by sectors outside of oil, the data underscores successful efforts to reduce reliance on hydrocarbon revenues. These efforts are in line with long-term economic visions set by GCC member states, including Saudi Arabia’s Vision 2030 and the UAE’s Centennial 2071 strategy.
As Gulf economies continue to implement diversification policies, upcoming quarters are expected to show sustained growth, especially in manufacturing, finance, tourism, and logistics.
