The Gulf Cooperation Council (GCC) Statistics Center reported that the gross national income of GCC countries stood at $2.143 trillion in 2023, marking a 2.7 percent decline from $2.203 trillion in 2022.
Meanwhile, disposable national income, which accounts for funds available for consumption and savings after taxes and transfers, fell 3 percent to $1.989 trillion from $2.515 trillion in 2022, according to Al-Rai daily.
Non-oil economic activities showed resilience, with the total value added of the non-oil sector rising to $1.513 trillion at current prices by the end of 2023, while the oil sector contributed $603.5 billion. The non-oil sector’s share of GDP increased to 71.5 percent, up from 65 percent in 2022, growing at an annual rate of 6.4 percent.
Over the past five years, mining and quarrying were the largest contributors to the GCC economy, averaging 28.3 percent, while manufacturing led non-oil GDP contributions at 11.7 percent. In 2023, most economic activities recorded positive growth, led by finance and insurance at 11.7 percent, transportation and storage at 11.6 percent, real estate 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. Conversely, mining and quarrying dropped 18.8 percent, and manufacturing declined 0.7 percent.
In terms of GDP spending components, exports of goods and services totaled $1.258 trillion, contributing 59.5 percent to GDP, a 7.1 percent decrease. Final consumption expenditure—covering households, non-profits, and government spending on goods and services—reached $1.254 trillion, growing 7.5 percent, while gross capital formation hit $601.8 billion, up 5.5 percent.
The data highlights the GCC’s ongoing shift toward diversifying its economies, with non-oil sectors playing an increasingly vital role despite challenges in oil production and global market fluctuations.
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