Latest news with #Arab Countries
Arabian Business
2 days ago
- Business
- Arabian Business
GCC GDP hits $587.8bn in Q4 2024 with 1.5% growth rate
The Gulf Cooperation Council (GCC) countries recorded a nominal Gross Domestic Product (GDP) of $587.8 billion by the end of the fourth quarter of 2024, according to data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf. The figure represents an increase from $579 billion recorded at the end of the fourth quarter of 2023, reflecting a growth rate of 1.5 per cent, the Emirates News Agency (WAM) said in a statement. The data showed that non-oil activities contributed 77.9 per cent to the GCC's nominal GDP by the end of the fourth quarter of 2024, whilst oil activities accounted for 22.1 per cent. Within the non-oil sector, manufacturing contributed 12.5 per cent to the GDP. Wholesale and retail trade accounted for 9.9 per cent of the total GDP. The construction sector reached 8.3 per cent of GDP, whilst public administration and defence logged 7.5 per cent. Finance and insurance contributed 7 per cent, and real estate activities accounted for 5.7 per cent. Other non-oil activities contributed 27 per cent to the total GDP figure.
Zawya
3 days ago
- Business
- Zawya
GCC-Stat: GCC countries record $587.8bln in nominal GDP by end of Q4 2024
MUSCAT: The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf ('GCC-Stat') revealed that the nominal Gross Domestic Product (GDP) of the Gulf Cooperation Council (GCC) countries reached US$587.8 billion by the end of the fourth quarter of 2024, up from US$579 billion at the end of the fourth quarter of 2023, reflecting a growth rate of 1.5%. The data indicated that the contribution of non-oil activities to the GCC's nominal GDP reached 77.9% by the end of the fourth quarter of 2024, compared to 22.1% from oil activities. The manufacturing sector contributed 12.5% to the GDP, while wholesale and retail trade accounted for 9.9%. The contribution of the construction sector reached 8.3%, while public administration and defence logged 7.5%, finance and insurance 7%, and real estate activities 5.7%. Meanwhile, other non-oil activities contributed 27%.
