The Gulf Cooperation Council (GCC) states recorded a gross domestic product (GDP) of $2.143 trillion at current prices in 2023, marking a 2.7% decline from $2.203 trillion in 2022.
According to the GCC Statistical Centre, gross disposable income — representing what is available for consumption and savings after taxes and other transfers — fell by 3%, reaching $1.989 trillion compared with $2.052 trillion the previous year.
The total value added by the non-oil sector reached $1.513 trillion, while the oil sector contributed $603.5 billion. As a result, the non-oil sector’s share of the GCC economy rose to 71.5% in 2023, up from 65% in 2022, supported by an annual growth rate of 6.4%.
Over the past five years, mining and quarrying has consistently been the largest contributor to the GCC economy, averaging 28.3%, while manufacturing accounted for the largest share within the non-oil sector, averaging 11.7% of GDP.
Most sectors saw positive growth in 2023. Financial and insurance activities led with an 11.7% increase, followed closely by transport and storage at 11.6%, real estate at 8.1%, public administration and defence at 7.9%, wholesale and retail trade at 7.6% and education at 5.5%. Mining and quarrying, however, declined 18.8%, while manufacturing fell slightly by 0.7%. Exports of goods and services totalled $1.259 trillion, contributing 59.5% to GDP, though down 7.1% from the previous year. Meanwhile, final consumption expenditure — covering household, non-profit and government spending on goods and services — rose 7.5% to $1.246 trillion. Gross capital formation, reflecting total investment in fixed assets and other capital, reached $601.8 billion, growing 5.5% over the year. — ONA
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