RIYADH: The gross domestic product of Gulf Cooperation Council countries rose 3.3 percent at constant prices to $456.3 billion by the end of 2024, according to a new report.
Non‑oil activities accounted for 70.6 percent of the region’s GDP at constant prices in the final quarter, while oil activities contributed 29.4 percent, Oman News Agency reported, citing the Gulf Statistical Center.
“The contribution of non‑oil activities to the GCC GDP at constant prices reached 70.6 percent by the end of the fourth quarter of 2024,” ONA said.
The GDP growth aligns with broader trends across the Gulf, where nominal GDP reached $587.8 billion, growing 1.5 percent year on year, with non-oil sectors contributing 77.9 percent of the total growth.
Qatar recorded the highest real GDP increase at 4.5 percent, followed by the UAE at 3.6 percent, and Saudi Arabia at 2.8 percent, highlighting non-oil expansion as the main driver across the bloc.
Real GDP across the GCC rose 2.4 percent, with non‑oil GDP expanding by 3.7 percent and oil GDP contracting by 0.9 percent due to voluntary OPEC+ production cuts.
Non‑oil sectors such as manufacturing, wholesale and retail trade, construction, finance, real estate, and public administration collectively underpinned this growth, with manufacturing alone contributing 12.5 percent and retail trade nearly 9.9 percent of nominal GDP.
Saudi Arabia’s economy grew 1.3 percent, with fourth‑quarter real growth of 4.4 percent compared to the same period in 2023. Non‑oil activities grew 4.6 percent, outpacing a 4.5 percent contraction in oil output as government spending increased by 2.6 percent, Reuters reported.
Strategic programs like the National Industrial Development and Logistics Program contributed SR986 billion ($262.8 billion) to non‑oil GDP in 2024, representing 39 percent of the nation’s non‑oil output, with overall non‑oil activities accounting for 55 percent of total GDP.
The GCC’s pivot away from hydrocarbon dependence is supported by major investments in tourism, logistics, manufacturing, and finance, combined with regulatory reforms and infrastructure expansion.
National reforms such as Saudi Vision 2030, the UAE’s Economic Vision, Qatar’s National Vision 2030, and Oman’s Vision 2040 are all central to this shift.
