According to the most recent data published by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat), the gross national income (the total amount of money made by individuals and businesses) of the GCC countries increased by 2.7% to US$2.143 trillion at current prices in 2023 from US$2.202.7 trillion at the end of 2022.
After subtracting taxes and other transfers, the amount of disposable national income (available for savings and spending) was US$1.989 trillion, a 3% decline from US$2.515 trillion in 2022.
According to the data, the non-oil sector’s share of the GCC’s GDP at current prices increased from 65% at the end of 2022 to 71.5% by the end of 2023, representing an annual growth rate of 6.4%.
With an average share of 28.3% over the previous five years, mining and quarrying operations were the biggest drivers of the GCC economy. Meanwhile, with an average share of 11.7%, manufacturing activities were the largest contributors to the GDP in the non-oil sector.
With financial and insurance activities leading the way at 11.7%, followed by transportation and storage at 11.6%, real estate at 8.1%, public administration and defense at 7.9%, wholesale and retail trade at 7.6%, and education at 5.5%, the majority of economic activities saw positive growth rates in 2023.
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