Muscat: The gross domestic product (GDP) of the Gulf Cooperation Council (GCC) countries at current prices reached USD 2.143 trillion in 2023, down 2.7 percent from USD 2.202 trillion at the end of 2022.
According to Kuwait News Agency, data released by the GCC Statistical Center showed that the value of disposable GDP, which accounts for consumption and savings after deducting taxes and other transfers, amounted to USD 1.198 trillion. This is a decrease of three percent from USD 2.515 trillion in 2022. The total non-oil sector value-added stood at approximately USD 1.513 trillion, while the oil sector's value added was USD 603.5 billion.
The data indicates an increase in the non-oil sector's contribution to the Gulf's GDP at current prices, rising to 71.5 percent by the end of 2023 from 65 percent at the end of 2022, reflecting an annual growth rate of 6.4 percent. Mining and quarrying activities have been the major contributors to the GCC economy over the past five years, averaging 28.3 percent, while manufacturing activities have been the largest contributors within the non-oil sector, averaging 11.7 percent.
Most economic activities recorded positive growth rates in 2023, with finance and insurance activities achieving the highest growth at 11.7 percent. This was followed by transportation and storage at 11.6 percent, real estate activities at 8.1 percent, public administration and defense at 7.9 percent, wholesale and retail trade at 7.6 percent, and education at 5.5 percent. In contrast, mining and quarrying activities, along with the manufacturing industry, experienced declines of 18.8 percent and 0.7 percent, respectively.
Regarding spending components, data from Gulf-Stat shows that the value of exports of goods and services reached approximately USD 1.258 trillion by the end of 2023, contributing 59.5 percent to the GDP at current prices, marking a decline of 7.1 percent. Final consumption expenditure, which includes the total amount spent by households, non-profit organizations, and the government on purchasing goods and services for direct satisfaction, reached USD 1.245 trillion, with an annual growth rate of 7.5 percent. Gross capital formation, encompassing total fixed capital formation and assets, reached USD 601.8 billion, with an annual growth rate of 5.5 percent.
GCC-Stat, headquartered in Oman, serves as the primary center for data and statistics for the Gulf Cooperation Council countries.