(MENAFN- Kuwait News Agency (KUNA)) MUSCAT, Aug 17 (KUNA) -- The gross domestic product (GDP) of the Gulf Cooperation Council (GCC) countries at current prices reached USD 2.143 trillion in 2023, down 2.7 percent from USD 2.202 trillion at the end of 2022.
Data released by the GCC Statistical Center on Sunday showed that the value of disposable GDP (for consumption and savings after deducting taxes and other transfers) amounted to USD 1.198 trillion, compared to USD 2.515 trillion in 2022, a decrease of three percent.
The total non-oil sector value-added amounted to approximately USD 1.513 trillion, while the value added of the oil sector amounted to USD 603.5 billion.
Data indicates that non-oil sector contributions to the Gulf's GDP at current prices rose to 71.5 percent by the end of 2023, compared to 65 percent by the end of 2022, with an annual growth rate of 6.4 percent.
Mining and quarrying activities contributed the most to the GCC economy over the past five years, averaging 28.3 percent, while manufacturing activities contributed the most to GDP within the nonoil sector, averaging 11.7 percent.
Most economic activities witnessed positive growth rates in 2023, with finance and insurance activities recording the highest growth at 11.7 percent, followed by transportation and storage at 11.6 percent, real estate activities at 8.1 percent, public administration and defense at 7.9 percent, wholesale and retail trade at 7.6 percent, and education at 5.5 percent.
Meanwhile, mining and quarrying activities, in addition to the manufacturing industry, witnessed a decline of 18.8 percent and 0.7 percent, respectively.
Regarding the spending components, data from Gulf-Stat indicates that the value of exports of goods and services reached approximately USD 1.258 trillion by the end of 2023, representing a contribution of 59.5 percent to the GDP at current prices, a decline of 7.1 percent.
Final consumption expenditure (the total amount spent by households, non-profit organizations, and the government on purchasing goods and services to directly satisfy their needs and wants, without using them to produce other goods or services) reached USD 1.245 trillion, with an annual growth rate of 7.5 percent.
Gross capital formation (total fixed capital formation and assets) reached USD 601.8 billion, with an annual growth rate of 5.5 percent.
GCC-Stat with its headquarters in Oman, is the main center for data and statistics for the Gulf Cooperation Council countries. (end)
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