GCC statistical center projects GDP to grow 3.7 percent in 2024

(MENAFN) The Statistical Center for the Cooperation Council for the Arab States of the Gulf has projected that the gross domestic product (GDP) of GCC countries, measured at constant prices, will grow by 3.7 percent in 2024. This growth is expected to accelerate in 2025, reaching 4.5 percent, before stabilizing at 3.5 percent in 2026. These projections reflect a steady recovery in the region’s economic performance over the coming years.

According to the center, the anticipated growth in 2024, 2025, and 2026 is largely attributed to increased oil production within the GCC. This increase is supported by the OPEC+ alliance’s ongoing gradual relaxation of production quotas, a process that began in the second half of 2024. Additionally, the development of new gas fields across the region is expected to further boost production capacity and economic output, strengthening the energy sector's contribution to overall growth.

Alongside the energy sector, the economic recovery is also gaining momentum in transportation, tourism, and infrastructure development. These sectors are being bolstered by expansionary fiscal policies aimed at stimulating public investment and economic activity. Such policies are playing a key role in diversifying the economies of the GCC countries and supporting sustainable long-term growth.

The center’s initial forecasts also highlight significant progress in the non-oil sectors of the GCC economies. Non-oil GDP is projected to grow by 4.5 percent in 2024, maintaining this robust pace through 2025 and 2026 with growth rates of 3.3 percent and 4.1 percent, respectively. This indicates ongoing diversification efforts and the increasing importance of non-oil activities in driving economic resilience and stability across the Gulf region.

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