GCC-Stat: GCC countries’ gross national income hits $2.143 trillion

The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) showed that the value of gross national income (the total income earned by citizens and companies) of the GCC countries at current prices in 2023 amounted to US$2.143 trillion, a decrease of 2.7% compared to US$2.202.7 trillion at the end of 2022.

The value of disposable national income (available for consumption and savings after deducting taxes and other transfers) amounted to US$1.989 trillion, compared to US$2.515 trillion in 2022, marking a decrease of 3%.

The total value added of the non-oil sector in GCC countries at current prices reached about US $.513 trillion by the end of 2023, while the value added of the oil sector amounted to US$ 603.5 billion.

The data indicate that the contribution of the non-oil sector to the GCC’s Gross Domestic Product (GDP) at current prices rose to 71.5% by the end of 2023, compared to 65% at the end of 2022, with an annual growth rate of 6.4%.

Mining and quarrying activities were the largest contributors to the GCC economy over the past five years, with an average share of 28.3%. Meanwhile, manufacturing activities were the top contributors to the Gross Domestic Product within the non-oil sector, with an average share of 11.7%.

Most economic activities recorded positive growth rates in 2023, with financial and insurance activities leading at 11.7%, followed by transportation and storage at 11.6%, real estate activities at 8.1%, public administration and defense at 7.9%, wholesale and retail trade at 7.6%, and education at 5.5%. Meanwhile, mining and quarrying, along with manufacturing activities, witnessed a decline of 18.8% and 0.7% respectively.

With regard to the components of expenditure on the GCC’s Gross Domestic Product (GDP) at current prices, data issued by the GCC-Stat indicate that the value of exports of goods and services reached about US$1.2587 trillion by the end of 2023, accounting for 59.5% of GDP at current prices, with a decline of 7.1%.

Final consumption expenditure (the total amount spent by households, non-profit organizations, and the government on purchasing goods and services to directly satisfy their needs and wants, without using them to produce other goods or services) reached US$1.245 trillion, with an annual growth rate of 7.5%.

The total capital formation (the total formation of fixed capital and assets) also amounted to US$601.8 billion, with an annual growth rate of 5.5%.

WAM