GCC Nations Report USD 2.143 Trillion GDP in 2023

The Gulf Cooperation Council (GCC) countries achieved a combined Gross Domestic Product (GDP) of USD 2.1431 trillion in 2023. This figure represents a 2.7% decline from the USD 2.2027 trillion recorded in 2022, according to the latest report from the GCC Statistical Center.

The report highlights that the available domestic product, which is the portion of income available for consumption and savings after taxes, amounted to USD 1.9891 trillion. This is a decrease of 3% compared to last year’s USD 2.0515 trillion.

Contributions from Sectors and Economic Activities

In 2023, the non-oil sector contributed approximately USD 1.513 trillion to the total GDP, while the oil sector’s contribution was USD 603.5 billion. This indicates that the non-oil sector’s share of the total GDP increased significantly to 71.5%, up from 65% in 2022, reflecting a robust annual growth rate of 6.4%.

Among the various economic activities, mining and quarrying consistently provided the highest contribution to the GCC economy, averaging 28.3% over the past five years. Within the non-oil sector, manufacturing activities emerged as the largest contributor, averaging 11.7%.

Most sectors experienced growth in 2023. Notably, financial and insurance activities saw the highest growth rate at 11.7%, followed closely by transport and storage at 11.6%. Other sectors such as real estate activities, public administration and defense, wholesale and retail trade, and education also reported growth rates of 8.1%, 7.9%, 7.6%, and 5.5% respectively. Conversely, the mining and quarrying sector and manufacturing industries faced declines of 18.8% and 0.7%, respectively.

Trade and Investment Insights

According to the data, exports of goods and services reached USD 1.2587 trillion by the end of 2023, contributing 59.5% to the GDP at current prices. This reflects a 7.1% decrease compared to the previous year.

Final consumption expenditure, which includes total spending by households, non-profit institutions, and government entities on goods and services, amounted to USD 1.2456 trillion. This figure marks an impressive annual growth rate of 7.5%.

Gross capital formation, which represents total investment in fixed capital and assets, reached USD 601.8 billion, demonstrating a solid annual growth rate of 5.5%.

Overall, while the GCC countries faced some economic challenges in 2023, particularly in the oil sector, the growth in the non-oil sector and various service industries indicates a resilient and diversifying economy.