RIYADH: The Gross Domestic Product (GDP) of the Gulf Cooperation Council (GCC) nations at constant prices reached USD 456.3 billion by the end of Q4 2024, showing a 3.3% annual rise. The figure reflects an increase from USD 442.3 billion recorded in Q4 2023, according to the latest data released by GCC STAT, the Statistical Centre for the Cooperation Council for the Arab States of the Gulf.
The quarterly growth from Q3 2024 to Q4 2024 stood at 1%, as GDP increased from USD 452.2 billion to USD 456.3 billion. These gains highlight the region’s steady economic performance despite global challenges.
A major highlight from the report is the growing influence of non-oil sectors, which contributed a significant 70.6% to the real GDP in Q4 2024. In contrast, oil activities made up the remaining 29.4%. This shift aligns with the ongoing economic diversification strategies across the GCC countries, which aim to reduce dependence on hydrocarbons and promote sustainable growth in sectors such as tourism, finance, manufacturing and technology.
The strong GDP figures suggest that structural reforms and government initiatives continue to pay off. As non-oil sectors dominate the region’s output, experts expect further growth in employment and investment opportunities.
