RIYADH: The Gulf Cooperation Council’s gross domestic product at current prices reached $2.14 trillion in 2023, down 2.7 percent from $2.2 trillion in 2022.
Despite this moderation, the non-oil sector showed strong resilience, contributing $1.51 trillion to the bloc’s GDP and underscoring the region’s ongoing diversification efforts.
Gross national income, which reflects the total earnings of citizens and companies after taxes and transfers, stood at $1.99 trillion, down 3 percent from the previous year, according to the GCC Statistical Center, Oman News Agency reported citing the latest available data.
Meanwhile, the oil sector contributed $604 billion, highlighting the continued influence of energy price fluctuations on the region’s economy.
The non-oil sector’s share of total GDP rose to 71.5 percent in 2023 from 65 percent in 2022, growing 6.4 percent year on year. Mining and quarrying remained the largest single contributor to the GCC economy over the past five years, averaging 28.3 percent of GDP, while manufacturing activities led the non-oil sector with an average contribution of 11.7 percent.
