GCC-Stat Reveals, GCC GDP Hits $587.8 Billion by End of 2024

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 Activity Drives Growth Momentum

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.

Resilience Across the GCC Economic Spectrum

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.

Implications for Property Investors and Developers

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.

GCC Set for Stronger Expansion Through 2025–26

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.