The economies of Gulf Cooperation Council (GCC) countries maintained stable growth in 2024 despite global headwinds, according to a new report by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat).
The region’s real GDP grew by 1.9%, supported by a strong 4.4% rise in non-oil sectors, signaling steady progress in the GCC’s economic diversification efforts.
The report, titled Economic Performance Outlook 2024 – Enabling Fiscal Sustainability and Enhancing Non-Oil Growth, highlighted that the expansion was fueled by ongoing reforms and investment in key areas beyond hydrocarbons. The non-oil growth reflects the region’s continued commitment to reducing dependence on oil revenues and building resilient, innovation-driven economies.
Looking ahead, the report projects that GCC growth will accelerate to 4.3% by 2027, driven by expanding investments in tourism, renewable energy, manufacturing, and technology. These sectors are expected to play a critical role in shaping the next phase of economic transformation across the Gulf.
The comprehensive analysis also reviewed indicators such as inflation, public finance, debt levels, and labor market developments, emphasizing the region’s efforts to strengthen fiscal sustainability and enhance financial stability. Despite global economic uncertainty, the GCC’s balanced performance and forward-looking strategies underline its growing role as a hub for sustainable and diversified growth.
News Source: Emirates News Agency
