GCC countries' gross national income hits $2.143 trillion

The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) showed that the value of gross national income (the total income earned by citizens and companies) of the GCC countries at current prices in 2023 amounted to US$2.143 trillion, a decrease of 2.7% compared to US$2.202.7 trillion at the end of 2022.

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The value of disposable national income (available for consumption and savings after deducting taxes and other transfers) amounted to US$1.989 trillion, compared to US$2.515 trillion in 2022, marking a decrease of 3%.

The total value added of the non-oil sector in GCC countries at current prices reached about US$0.513 trillion by the end of 2023, while the value added of the oil sector amounted to US$ 603.5 billion.

The data indicate that the contribution of the non-oil sector to the GCC’s Gross Domestic Product (GDP) at current prices rose to 71.5% by the end of 2023, compared to 65% at the end of 2022, with an annual growth rate of 6.4%.

Mining and quarrying activities were the largest contributors to the GCC economy over the past five years, with an average share of 28.3%. Meanwhile, manufacturing activities were the top contributors to the Gross Domestic Product within the non-oil sector, with an average share of 11.7%.