GCC Economies Poised for Sustained Growth and Stability

Oman, 23 December, 2024 :  The GCC Statistical Center (GCC-Stat) forecasts a 3.7% GDP growth for GCC countries at constant prices in 2024, accelerating to 4.5% in 2025 before stabilizing at 3.5% in 2026. This growth is driven by increased oil production, new gas field developments, and expanding transportation, tourism, and infrastructure sectors.

Non-oil sector growth is projected at 4.5% in 2024, with sustained growth of 3.3% and 4.1% in 2025 and 2026, respectively, bolstered by private sector activities and economic diversification into renewable energy, technology, and manufacturing.

GCC GDP at constant prices reached $1.69 trillion in 2023, a modest 0.5% growth from 2022, with the non-oil sector growing 3.3%. However, per capita GDP at current prices dropped by 5% to $36,700.

Inflation is expected to stabilize at 2.4%, 2.6%, and 2.1% during 2024–2026, supported by global monetary policies and improved supply chains. In 2023, GCC inflation eased to 2.2%, down from 3.1% in 2022, due to declining oil and food prices and a stronger US dollar.

GCC economies contributed 2% of global GDP in 2023, highlighting their pivotal role in regional and global economic landscapes.