3.7% expected growth rate for the Gulf countries in 2024

The Statistical Center for the Cooperation Council for the Arab States of the Gulf expects that the GDP at constant prices in the GCC countries will grow by 3.7% in the current year 2024, and growth will continue at a higher pace in 2025, reaching 4.5%, then growth will stabilize at a rate of 3.5% in 2026.

The center indicated that this expected growth during the years (2024, 2025 and 2026) comes due to the increase in oil production in the GCC countries, especially since the OPEC Plus alliance is currently gradually liberalizing production quotas since the second half of the current year 2024, especially with the completion of the development of oil fields. New gas in the region, in addition to the accelerated pace of economic recovery in sectors related to transportation, tourism, and infrastructure projects.