RIYADH: The Gulf Cooperation Council’s economy grew 1.5 percent year on year in the fourth quarter of 2024, reaching $587.8 billion, driven by a surge in non-oil activity, official data showed.
According to the GCC Statistical Center, the increase from $579 billion in the fourth quarter of 2023 highlights the region’s ongoing shift toward diversification, with non-oil sectors contributing 77.9 percent of total output, while oil accounted for 22.1 percent.
Among non-oil sectors, manufacturing contributed 12.5 percent, wholesale and retail trade 9.9 percent, construction 8.3 percent, and public administration and defense 7.5 percent. Finance and insurance made up 7 percent, real estate 5.7 percent, and other activities a combined 27 percent.
The region’s economic shift is driven by national reform plans, including Saudi Arabia’s Vision 2030, the UAE’s Economic Vision 2030, Oman’s Vision 2040, and Qatar’s National Vision 2030, aimed at reducing reliance on oil by expanding sectors like tourism, logistics, finance, and technology, and boosting private sector and foreign investment.
The statistical center said: “This report on the quarterly GDP estimates in the GCC countries is issued based on the data made available by the member states, with a reference of May 2025.”
