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Story perspectives

GCC GDP Grows 1.5% as Non-Oil Sectors Thrive

7/28/2025

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Summary

Story summary

The GCC's nominal GDP increased to $587.8 billion in Q4 2024, marking a 1.5% growth from Q4 2023.
Non-oil activities dominated the economy, contributing 77.9% to GDP, while oil activities made up 22.1%.
Major non-oil sectors included manufacturing (12.5%), wholesale and retail trade (9.9%), and construction (8.3%).
GDP growth from Q3 2024 to Q4 2024 was recorded at 1.3%.

History

Historical Context

In 2014, the Gulf Cooperation Council (GCC) initiated a unified economic strategy to reduce oil dependency, aiming for diversification. By 2024, non-oil sectors contributed 77.9% to the GCC's nominal GDP of $587.8 billion, highlighting a significant shift towards manufacturing and trade. This transition fosters a more resilient economy, less susceptible to oil price volatility, and supports sustainable growth among member states.

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Story summary

The GCC's nominal GDP increased to $587.8 billion in Q4 2024, marking a 1.5% growth from Q4 2023.
Non-oil activities dominated the economy, contributing 77.9% to GDP, while oil activities made up 22.1%.
Major non-oil sectors included manufacturing (12.5%), wholesale and retail trade (9.9%), and construction (8.3%).
GDP growth from Q3 2024 to Q4 2024 was recorded at 1.3%.

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