Recent figures from the GCC-Stat reveal that the gross national income of GCC countries in 2023 stood at $2.143 trillion, marking a 2.7% drop compared to $2.2027 trillion in 2022.
The disposable national income, which is the income available for spending and saving after taxes and transfers, was $1.989 trillion, down 3% from $2.515 trillion in 2022.
The non-oil sector’s total value added reached approximately $513 billion by the end of 2023, while the oil sector contributed $603.5 billion.
By the end of 2023, the non-oil sector’s contribution to the GCC’s GDP rose to 71.5%, up from 65% at the end of 2022, reflecting a 6.4% annual growth.
Over the last five years, mining and quarrying have been the largest contributors to the GCC economy, with an average contribution of 28.3%. Manufacturing led the non-oil sector’s GDP contribution with an average share of 11.7%.
In 2023, most sectors showed positive growth, with financial and insurance activities at 11.7%, transportation and storage at 11.6%, real estate at 8.1%, public administration and defense at 7.9%, wholesale and retail trade at 7.6%, and education at 5.5%. However, mining and quarrying, along with manufacturing, decreased by 18.8% and 0.7%, respectively.
Regarding GDP expenditure components, GCC-Stat data show that exports of goods and services were $1.2587 trillion by the end of 2023, comprising 59.5% of GDP, with a decline of 7.1%.
Final consumption expenditure, which includes spending by households, non-profits, and the government on goods and services, rose to $1.245 trillion, indicating a 7.5% growth.
Total capital formation, encompassing fixed capital and assets, reached $601.8 billion, growing by 5.5% annually.
