The Gulf Cooperation Council economy expanded 1.5% year-on-year in Q4 2024 to reach $587.8 billion, driven by robust non-oil sector activity, according to the GCC Statistical Center. Non-oil sectors made up 77.9% of GDP, led by manufacturing (12.5%), trade (9.9%), and construction (8.3%).
Real GDP grew 2.4%, with non-oil GDP rising 3.7% while oil GDP declined 0.9% due to OPEC+ cuts. Qatar led with 4.5% real growth, followed by the UAE (3.6%) and Saudi Arabia (2.8%).
Inflation averaged 2.1% across the bloc, with the lowest in Qatar (1.1%) and Oman (1.5%). The ICAEW raised its 2025 growth forecast to 4.4%, while the IMF expects 3% growth led by Saudi and UAE reforms.