GCC countries' gross national income hits $2.143 trillion

Khaleej Times

3 days ago

The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) showed that the value of gross national income (the total income earned by citizens and companies) of the GCC countries at current prices in 2023 amounted to $2.143 trillion, a decrease of 2.7 per cent compared to $2.202.7 trillion at the end of 2022.
The value of disposable national income (available for consumption and savings after deducting taxes and other transfers) amounted to $1.989 trillion, compared to $2.515 trillion in 2022, marking a decrease of 3 per cent.
The total value added of the non-oil sector in GCC countries at current prices reached about US $.513 trillion by the end of 2023, while the value added of the oil sector amounted to $ 603.5 billion.
The data indicate that the contribution of the non-oil sector to the GCC's Gross Domestic Product (GDP) at current prices rose to 71.5 per cent by the end of 2023, compared to 65 per cent at the end of 2022, with an annual growth rate of 6.4 per cent.
Mining and quarrying activities were the largest contributors to the GCC economy over the past five years, with an average share of 28.3 per cent. Meanwhile, manufacturing activities were the top contributors to the Gross Domestic Product within the non-oil sector, with an average share of 11.7 per cent.
Most economic activities recorded positive growth rates in 2023, with financial and insurance activities leading at 11.7 per cent, followed by transportation and storage at 11.6 per cent, real estate activities at 8.1 per cent, public administration and defense at 7.9 per cent, wholesale and retail trade at 7.6 per cent, and education at 5.5 per cent. Meanwhile, mining and quarrying, along with manufacturing activities, witnessed a decline of 18.8 per cent and 0.7 per cent respectively.
With regard to the components of expenditure on the GCC's Gross Domestic Product (GDP) at current prices, data issued by the GCC-Stat indicate that the value of exports of goods and services reached about $1.2587 trillion by the end of 2023, accounting for 59.5 per cent of GDP at current prices, with a decline of 7.1 per cent.
Final consumption expenditure (the total amount spent by households, non-profit organisations, and the government on purchasing goods and services to directly satisfy their needs and wants, without using them to produce other goods or services) reached $1.245 trillion, with an annual growth rate of 7.5 per cent.
The total capital formation (the total formation of fixed capital and assets) also amounted to $601.8 billion, with an annual growth rate of 5.5 per cent.