Diversification fuels steady real GDP growth across GCC

The Gulf Cooperation Council (GCC) economies recorded steady growth in 2024, driven by non-oil sectors, improved quality of life, advances in digital infrastructure, and a stronger regional and international economic presence, according to the “GCC in Numbers” report issued by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat).

The report presented comprehensive data on macroeconomic indicators confirming the continued real GDP growth across GCC countries, supported by economic diversification programmes and fiscal reforms.

The report said the GCC’s combined gross domestic product (GDP) reached $2.3 trillion in 2024, ranking ninth globally, with a growth rate of 2.2 per cent.

The report also reflected improvements in global economic indicators, including competitiveness, resilience, and economic dynamism. The GCC ranks first globally in proven oil reserves at 511.9 billion barrels, second in natural gas reserves at 44.3 trillion cubic metres, and third in natural gas production at 442 billion cubic metres.

In trade, GCC countries ranked 10th globally in exports at $849.6 billion, 11th globally in imports at $739.0 billion, and 10th globally in total trade volume at $1.5895 trillion. The bloc ranked sixth worldwide in trade surplus at $109.7 billion.

Furthermore, GCC countries ranked between 15th and 52nd globally in the Human Development Index, within the “Very High Human Development” category.

Meanwhile on February 1st, 2026, the publication “GCC Countries’ Statistics at a Glance 2024”, issued by GCC-Stat, highlighted a wide range of indicators reflecting the resilience of Gulf economies and their progress in international rankings, alongside notable improvements across population, social, energy and tourism sectors.

The publication noted that the GCC ranked ninth globally in terms of Gross Domestic Product (GDP) at current prices in 2024, with a total output of approximately $2.3 trillion, confirming its position as an influential economic power at the international level. The data also showed continued growth in GDP per capita compared to the global average during the 2016–2024 period.

The GCC recorded advanced global rankings in external trade indicators, placing among the world’s largest exporting and importing economies in 2024. It achieved a significant merchandise trade surplus of $109.7 billion, reflecting the strength of the export base and the resilience of Gulf supply chains. Government public finance indicators showed total revenues reaching around $659.3 billion, against government expenditure of $670.2 billion in 2024, resulting in a limited budget deficit. This reflects the ability of GCC countries to manage their fiscal policies efficiently amid global economic fluctuations.

The total population of GCC countries reached approximately 61.5 million in 2024, registering an annual growth rate of 3.3 per cent during the period 2020–2024, with males accounting for 62.7 per cent of the total population.

Vital indicators also showed a decline in the number of deaths and improvements in natural population increase rates, alongside relative stability in marriage and divorce rates.

GCC countries recorded high ratios in the number of hospitals, physicians and hospital beds per 10,000 population compared to the global average, reflecting the development of healthcare infrastructure and improved quality of health services provided to residents.

In the education sector, GCC countries continued investing in educational infrastructure and increasing the number of schools and teachers across all levels of education.

The publication confirmed the continued leadership of GCC countries in the energy sector, as the GCC ranked among the top globally in crude oil and natural gas production and reserves in 2024. Average crude oil production reached approximately 16.1 million barrels per day, alongside growth in electricity production and consumption, reflecting expanding economic activity.

Water indicators showed continued reliance on desalination and water reuse as key sources to meet rising demand for water across GCC countries.

In the tourism sector, the number of incoming tourists to GCC countries increased, alongside growth in hotel establishments, reflecting the recovery of the tourism sector and its strengthened role in economic diversification.

The GCC also ranked among the leading positions globally in the Human Development Index 2025, reflecting improved living standards, education and healthcare across GCC countries.

Meanwhile, a report by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) indicated that the economies of the GCC countries recorded a balanced performance during 2024 despite global challenges, as the real GDP growth rate reached about 1.9 per cent, driven by a 4.4 per cent growth in non-oil sectors — reflecting progress in implementing economic transformation strategies.

WAM