Value of GCC non-oil sector reaches $1.513 trillion

Muscat: The gross domestic product (GDP) of the Gulf Cooperation Council (GCC) countries at current prices in 2023 reached $2.1431 trillion, marking a 2.7% decline compared to $2.2027 trillion at the end of 2022.

Data released by the GCC Statistical Centre indicated that the value of the net national disposable income (available for consumption and savings after deducting taxes and other transfers) amounted to $1.9891 trillion, down 3% from $2.0515 trillion in 2022.

By the end of 2023, the total value added by the non-oil sector in the GCC reached approximately $1.513 trillion at current prices, while the oil sector contributed $603.5 billion.

The data revealed that the non-oil sector's share of the Gulf’s total GDP at current prices rose to 71.5% by the end of 2023, up from 65% in 2022, reflecting an annual growth rate of 6.4%.

Over the past five years, mining and quarrying activities were the largest contributors to the GCC economy, averaging 28.3%, while manufacturing activities led the non-oil sector’s contribution to GDP with an average of 11.7%.

Most economic activities saw positive growth rates in 2023, with finance and insurance recording the highest growth at 11.7%, followed by 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%).

In contrast, mining and quarrying activities, along with manufacturing, experienced declines of 18.8% and 0.7%, respectively.

Regarding the components of Gulf GDP expenditure at current prices, GCC Statistical Centre data showed that the value of goods and services exports reached $1.2587 trillion by the end of 2023, accounting for 59.5% of GDP at current prices—a 7.1% decrease.

Final consumption expenditure (total spending by households, non-profit institutions, and the government on goods and services to directly meet their needs and desires, without using them in the production of other goods or services) reached $1.2456 trillion, with an annual growth rate of 7.5%.

Additionally, gross capital formation (total fixed capital and asset formation) amounted to $601.8 billion, growing at an annual rate of 5.5%.