MUSCAT: The Gulf Cooperation Council (GCC) countries have recorded a 1.5 percent increase in nominal Gross Domestic Product (GDP), reaching $587.8 billion by the end of the fourth quarter of 2024. This marks a rise from $579 billion reported at the end of the same period in 2023, according to official regional economic data. The figures reflect steady macroeconomic performance amid ongoing efforts to diversify economies and maintain resilience in global market conditions.
The nominal GDP growth was supported by modest improvements in both oil and non-oil sectors across member states, including Saudi Arabia, the UAE, Qatar, Oman, Kuwait, and Bahrain. While global energy prices saw fluctuations during the year, GCC countries benefited from strategic fiscal policies, increased public investment, and gradual recovery in consumer demand. Non-oil sectors such as manufacturing, logistics, finance, and tourism contributed significantly to the overall output.
Economists suggest that the positive growth rate, though moderate, signals economic stability in the region. It underscores the effectiveness of long-term strategies aimed at reducing oil dependency while enhancing competitiveness in global markets. Infrastructure developments, digital transformation initiatives, and increased regional integration have also played a role in supporting the upward trend in GDP.
Looking ahead, analysts expect the GCC economies to maintain a cautious yet upward trajectory through 2025, contingent on geopolitical developments and global economic trends. Continued investment in sustainable sectors, further economic reforms, and alignment with national visions such as Saudi Vision 2030 and UAE Vision 2071 are likely to drive future performance and reinforce fiscal strength.
