GCC countries record $587.8 billion in nominal GDP by end of Q4 2024
The contribution of non-oil activities to the GCC's nominal GDP reached 77.9% by the end of the fourth quarter of 2024.
Dubai Desk
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GCC countries record $587.8 billion in nominal GDP.
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The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf revealed that the nominal Gross Domestic Product of the Gulf Cooperation Council countries reached $587.8 billion by the end of the fourth quarter of 2024, up from $579 billion at the end of the fourth quarter of 2023, reflecting a growth rate of 1.5%, according to the Emirates News Agency.
The data indicated that the contribution of non-oil activities to the GCC's nominal GDP reached 77.9% by the end of the fourth quarter of 2024, compared to 22.1% from oil activities, WAM wrote.
The manufacturing sector contributed 12.5% to the GDP, while wholesale and retail trade accounted for 9.9%. The contribution of the construction sector reached 8.3%, while public administration and defence accounted for 7.5%, finance and insurance for 7%, and real estate activities for 5.7%. Meanwhile, other non-oil activities contributed 27%.
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