GCC-Stat: GCC countries record $587.8 billion in nominal GDP by end of Q4 2024

The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (“GCC-Stat”) revealed that the nominal Gross Domestic Product (GDP) of the Gulf Cooperation Council (GCC) countries reached US$587.8 billion by the end of the fourth quarter of 2024, up from US$579 billion at the end of the fourth quarter of 2023, reflecting a growth rate of 1.5%.

 The data indicated that the contribution of non-oil activities to the GCC's nominal GDP reached 77.9% by the end of the fourth quarter of 2024, compared to 22.1% from oil activities.

 The manufacturing sector contributed 12.5% to the GDP, while wholesale and retail trade accounted for 9.9%. The contribution of the construction sector reached 8.3%, while public administration and defence logged 7.5%, finance and insurance 7%, and real estate activities 5.7%. Meanwhile, other non-oil activities contributed 27%.

WAM