The Gulf Cooperation Council (GCC) countries recorded a nominal Gross Domestic Product (GDP) of $587.8 billion by the end of the fourth quarter of 2024, according to data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf.
The figure represents an increase from $579 billion recorded at the end of the fourth quarter of 2023, reflecting a growth rate of 1.5 per cent, the Emirates News Agency (WAM) said in a statement.
The data showed that non-oil activities contributed 77.9 per cent to the GCC’s nominal GDP by the end of the fourth quarter of 2024, whilst oil activities accounted for 22.1 per cent.
Within the non-oil sector, manufacturing contributed 12.5 per cent to the GDP. Wholesale and retail trade accounted for 9.9 per cent of the total GDP.
The construction sector reached 8.3 per cent of GDP, whilst public administration and defence logged 7.5 per cent. Finance and insurance contributed 7 per cent, and real estate activities accounted for 5.7 per cent.
Other non-oil activities contributed 27 per cent to the total GDP figure.
