The economies of the Gulf Cooperation Council countries recorded a 1.9 per cent real GDP growth rate during 2024 despite challenges in the global economy, according to a report by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat).
The growth was driven by non-oil sectors, which expanded by 4.4 per cent during the year, reflecting progress in implementing strategies for transformation of the economies.
GCC economic growth projected to reach 4.3% by 2027
GCC-Stat projected that the growth pace will accelerate in the coming years to reach 4.3 per cent by 2027, according to a report by the Emirates News Agency (WAM).
The expansion will be supported by investments in tourism, renewable energy, manufacturing, and technology sectors.
The GCC-Stat report, titled Economic Performance Outlook 2024 – Enabling fiscal sustainability and enhancing non-oil growth, provides an analytical overview of the performance of the GCC countries during 2024.
The report includes indicators of growth, inflation, public finance, public debt, and sustainability of fiscal policies.
It also covers developments in financial markets, monetary and banking policy, foreign direct investment, foreign trade, and the Gulf labour market.
