JEDDAH: Gulf Cooperation Council economies expanded by 3 percent in the first quarter of 2025, with gross domestic product reaching $588.1 billion, up from $570.9 billion in the same period of 2024, according to official data.
This growth, according to the Statistical Center for the Cooperation Council for the Arab States of the Gulf, or GCC-Stat, was primarily fueled by a significant expansion in non-oil activities, which accounted for 73.2 percent of the region’s GDP — a 2.6-percentage-point increase from 70.6 percent at the end of the fourth quarter of 2024, the Oman News Agency reported.
This comes as economic growth across the GCC is projected to rise in the medium term, according to a report by the International Monetary Fund released in June. The IMF forecast growth of 3.2 percent in 2025, with a further increase to 4.5 percent expected in 2026.
“The GCC’s GDP at current prices grew by 0.1 percent in the first quarter of 2025, reaching $587.8 billion in the fourth quarter,” the ONA report stated, citing the GCC-Stat data.
This indicated a stable economic environment, with non-oil sectors continuing to play a pivotal role in sustaining growth amidst global economic uncertainties.
