Diversification fuels steady real GDP growth across GCC states

The Gulf Cooperation Council (GCC) economies recorded steady growth in 2024, driven by non-oil sectors, improved quality of life, advances in digital infrastructure, and a stronger regional and international economic presence, according to the “GCC in Numbers” report issued by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat).

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The report presented comprehensive data on macroeconomic indicators confirming the continued real GDP growth across GCC countries, supported by economic diversification programmes and fiscal reforms.

The report said the GCC’s combined gross domestic product (GDP) reached $2.3 trillion in 2024, ranking ninth globally, with a growth rate of 2.2 per cent.

The report also reflected improvements in global economic indicators, including competitiveness, resilience, and economic dynamism. The GCC ranks first globally in proven oil reserves at 511.9 billion barrels, second in natural gas reserves at 44.3 trillion cubic metres, and third in natural gas production at 442 billion cubic metres.

In trade, GCC countries ranked 10th globally in exports at $849.6 billion, 11th globally in imports at $739.0 billion, and 10th globally in total trade volume at $1.5895 trillion. The bloc ranked sixth worldwide in trade surplus at $109.7 billion.

Furthermore, GCC countries ranked between 15th and 52nd globally in the Human Development Index, within the “Very High Human Development” category.