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Gulf Cooperation Council – 27 July 2025 – The combined nominal GDP of the six GCC countries reached $587.8 billion by the end of 2024, reflecting a 1.5% rise compared to Q4 2023, as reported by the GCC-Stat Centre.
Non-oil sectors contributed 77.9% of economic output at current prices, dwarfing oil-related activity at 22.1%. Key contributors within the non-oil mix included manufacturing (12.5%), wholesale and retail trade (9.9%), construction (8.3%), public administration and defence (7.5%), finance and insurance (7%), and real estate (5.7%). Importantly, real estate continues to play a pivotal role in GCC diversification efforts from hydrocarbons.
For context, the region’s nominal GDP stood at approximately $580.1 billion in Q3 2024, making the new figure a positive signal of incremental recovery. The growth trajectory is supported by public infrastructure investment, rising private-sector activity, and robust tourism and hospitality development across member states.
The increasing share of non-oil GDP, including real estate, signals elevated opportunity in property markets across the Gulf. As governments fund mega-projects and urban development, the private sector is well positioned to support and capitalise on this sustained structural transformation.
While 2024 growth was modest, economic forecasts remain positive: real GDP growth is projected at 3.2% in 2025 and 4.5% in 2026, buoyed by OPEC+ production expansion and strengthening non-oil sectors, notably construction, transport, retail, and tourism.
The latest GDP data reaffirms the GCC’s momentum in economic diversification, with growing property markets and non-oil destination development forming a stable growth foundation.
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