GCC countries' GDP exceeds USD 2.143 trillion

Muscat: The GCC nations made a GDP of USD 2.1431 trillion in 2023 a 2.7% decrease from USD 2.2027 trillion in 2022, the GCC Statistical Center has a...

Muscat: The GCC nations made a GDP of USD 2.1431 trillion in 2023 - a 2.7% decrease from USD 2.2027 trillion in 2022, the GCC Statistical Center has announced.

The center showed that the available domestic product (the portion available for consumption and savings after taxes and other transfers) amounted to USD 1.9891 trillion, compared to USD 2.0515 trillion in 2022-a 3% decline.

It added that the total value added by the non-oil sector in the GCC countries at current prices by the end of 2023 was approximately USD 1.513 trillion, while the oil sector's value added stood at USD 603.5 billion. The data indicates that the non-oil sector’s contribution to the total GCC GDP at current prices rose to 71.5% by the end of 2023, compared to 65% by the end of 2022-reflecting an annual growth rate of 6.4%. Mining and quarrying activities had the highest contribution to the GCC economy over the past five years, with an average of 28.3%, while manufacturing activities were the largest contributor within the non-oil sector, with an average of 11.7%. Most economic activities recorded growth rates in 2023. The highest growth was seen in Financial and insurance activities (11.7%), Transport and storage (11.6%), Real estate activities (8.1%), Public administration and defense (7.9%), Wholesale and retail trade (7.6%) and Education (5.5%). On the other hand, mining and quarrying activities and manufacturing industries saw a decline of 18.8% and 0.7%, respectively. According to the data, the value of exports of goods and services by the end of 2023 reached USD 1.2587 trillion, contributing 59.5% to the GDP at current prices, with a 7.1% decrease compared to the previous year. Final consumption expenditure-which includes total spending by households, non-profit institutions, and the government on goods and services for direct satisfaction of needs (not for further production)-amounted to USD 1.2456 trillion, marking an annual growth rate of 7.5%. Gross capital formation (total investment in fixed capital and assets) reached USD 601.8 billion, with an annual growth rate of 5.5%.