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 acceleration of the pace of economic recovery in sectors related to transport, tourism and infrastructure projects, supported by expansionary policies at the public financial level.
Preliminary forecasts issued by the Gulf Statistical Center indicated an improvement in growth in the non-oil sector in the Council, achieving a growth of 4.5% during the current year 2024, while maintaining this pace of growth with an increase of 3.3% and 4.1% in the years 2025 and 2026, respectively. Driven by a rapid increase in private sector activities, especially in the tourism, transportation, storage, and retail sectors, infrastructure projects in the GCC countries will also contribute In promoting growth in related sectors and stimulating growth in the private sector.
Expectations indicate that the GCC countries will continue to implement economic diversification strategies during the years (2024-2026), which will lead to achieving remarkable growth in key sectors, most notably renewable energy, technology, innovation, and manufacturing industries.
The Gulf Statistical Center pointed out that the gross domestic product at constant prices of the GCC countries during the year 2023 amounted to 1,691.8 billion US dollars, achieving a growth of 0.5% compared to the year 2022, as the added value of the non-oil sector witnessed a growth of 3.3% in 2023.