Muscat, Oman — 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 percent.
The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (“GCC-Stat”) indicated that the contribution of non-oil activities to the GCC’s nominal GDP reached 77.9 percent by the end of the fourth quarter of 2024, compared to 22.1 percent from oil activities.
The manufacturing sector contributed 12.5 percent to the GDP, while wholesale and retail trade accounted for 9.9 percent. The contribution of the construction sector reached 8.3 percent, while public administration and defense logged 7.5 percent, finance and insurance 7 percent, and real estate activities 5.7 percent. Meanwhile, other non-oil activities contributed 27 percent.
