Muscat, Oman — 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 percent 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 percent.
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 percent by the end of 2023, compared to 65 percent at the end of 2022, with an annual growth rate of 6.4 percent.
Mining and quarrying activities were the largest contributors to the GCC economy over the past five years, with an average share of 28.3 percent. Meanwhile, manufacturing activities were the top contributors to the Gross Domestic Product within the non-oil sector, with an average share of 11.7 percent.
Most economic activities recorded positive growth rates in 2023, with financial and insurance activities leading at 11.7 percent, followed by transportation and storage at 11.6 percent, real estate activities at 8.1 percent, public administration and defense at 7.9 percent, wholesale and retail trade at 7.6 percent, and education at 5.5 percent. Meanwhile, mining and quarrying, along with manufacturing activities, witnessed a decline of 18.8 percent and 0.7 percent 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 percent of GDP at current prices, with a decline of 7.1 percent.
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 percent.
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 percent.
