GCC Center Projects 3.7 Pct GDP Growth By '24

12/21/2024 8:02:52 AM

(MENAFN- Kuwait News Agency (KUNA)) MUSCAT, Dec 21 (KUNA) -- The GCC Statistical Center (GCCSC) expected on Saturday a 3.7 percent GDP growth, with constant prices, in member states by 2024.
In its report, the GCCSC revealed a higher pace of continued growth in 2025 reaching 4.5 percent and 3.5 percent in 2026.
This forecast growth in 2024, 2025 and 2026 would happen due to a rise in GCC member states' oil production, the report stated.
The accelerated pace of economic recovery in the sectors related to tourism, transportation and infrastructure projects was one of the reasons behind growth in GCC states, it noted.
GCC states' non-oil sector is expected to grow by 4.5 percent by 2024, and 7.8 and 8.6 percent in 2025 and 2026 respectively, it added.
GCC states' GDP (with constant prices) reached about USD 1.7 trillion in 2023, a five-percent growth compared with 2022, it said.
Inflation rates in GCC states are projected to reach 2.4, 2.6 and 2.1 percent from 2024 to 2026.
GCC states' consumer price index (inflation) hit 2.2 percent in 2023, a drop of .09 percent compared with 2022, it pointed out. (end)
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