Latest news with #GCCStat
Economy ME
3 days ago
- Business
- Economy ME
GCC financial markets hit nearly $4.2 trillion in capitalization in 2024, marking 0.7 percent growth
The overall composite index of financial markets in the Gulf Cooperation Council (GCC) countries experienced a modest growth of 0.7 percent in 2024. This index serves as a reflection of the performance of GCC financial markets as a cohesive entity, the Emirates News Agency (WAM) reported. By the conclusion of 2024, the total market capitalization of GCC financial markets reached approximately $4.2 trillion, as per the latest statistics released by the GCC Statistical Centre (GCC-Stat). However, this total market capitalization faced a decline of 4.4 percent compared to the close of 2023. In 2024, the market capitalization of GCC financial markets represented roughly 3.5 percent of the total global market capitalization. In May 2025, the Consumer Price data published by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf ( GCC-Stat ) revealed that the general inflation rate in the GCC countries rose by 1.7 percent at the end of December 2024, compared to the figures recorded in the same month of the previous year. The increase in the annual general inflation rate in the Gulf is largely attributed to a 5.9 percent rise in housing prices and a 2.8 percent increase in the prices of goods and services. The culture and entertainment sector experienced a 1.8 percent rise, while both the food and beverages sector and the education sector increased by 1.2 percent each. The restaurants and hotels sector saw a 1.1 percent increase, and the health sector edged up by 0.1 percent. Read more: GCC countries contribute over 35 percent of all emerging-market U.S. dollar debt in Q1 2025, Fitch reports GCC inflation dynamics This inflation was counterbalanced by a 2.7 percent decline in prices within the transportation sector, 1.7 percent in furniture and household equipment, 1.1 percent in tobacco, 0.9 percent in communications, and 0.2 percent in clothing and footwear. The overall inflation rate in the Gulf was also lower than the inflation rate in the European Union, which stood at 2.7 percent, and was beneath that of many of the GCC's major trading partners in total merchandise imports. Brazil recorded the highest inflation rate in December 2024 compared to the figures from the same month in the previous year, at 4.8 percent. Following Brazil was Japan at 3.6 percent, then the Republic of India and the United Kingdom at 3.5 percent each, the United States at 2.9 percent, Germany at 2.6 percent, South Korea at 1.9 percent, and both France and Italy at 1.3 percent each, with China at 0.1 percent. The GCC banking sector posted a net profit of $15.6 billion during the first quarter of 2025, up 7.1 percent quarterly and 8.6 percent annually. This growth marked a new record high for the sector, despite a decline in net interest income during the quarter. However, growth was mainly driven by higher non-interest income, lower operating expenses as well as a sharp seasonal decline in impairments during the quarter. GCC banking sector profits hit record $15.6 billion in Q1 2025 The GCC banking sector reported a net profit of $15.6 billion in the first quarter of 2025, reflecting a quarterly increase of 7.1 percent and an annual rise of 8.6 percent. This growth set a new record high for the sector, even in the face of declining net interest income during the quarter. The increase was primarily fueled by higher non-interest income, reduced operating expenses, and a significant seasonal drop in impairments during the period. According to the latest report from Kamco Invest , the decrease in net interest income was influenced by rate cuts implemented in the second half of 2024. The aggregate yield on credit for the GCC banking sector fell by 5 basis points to 4.16 percent in Q1 2025, down from 4.21 percent in Q4 2024.
Zawya
3 days ago
- Business
- Zawya
GCC financial markets reach total capitalisation of approximately $4.2trln
MUSCAT – The overall composite index of financial markets in the Gulf Cooperation Council (GCC) countries recorded a slight growth of 0.7% in 2024. The index reflects the performance of GCC financial markets as a unified bloc. By the end of 2024, the total market capitalisation of GCC financial markets stood at approximately $4.2 trillion, according to the latest statistics issued by the GCC Statistical Centre (GCC-Stat). However, the total market capitalisation witnessed a decline of 4.4% compared to the end of 2023. In 2024, the market capitalisation of GCC financial markets accounted for around 3.5% of the total global market capitalisation.
Trade Arabia
4 days ago
- Business
- Trade Arabia
GCC financial markets' total capitalisation hits $4.2 trillion
The overall composite index of financial markets in the Gulf Cooperation Council (GCC) countries recorded a slight growth of 0.7% in 2024. The index reflects the performance of GCC financial markets as a unified bloc. By the end of 2024, the total market capitalisation of GCC financial markets stood at approximately $4.2 trillion, according to the latest statistics issued by the GCC Statistical Centre (GCC-Stat). However, the total market capitalisation witnessed a decline of 4.4% compared to the end of 2023. In 2024, the market capitalisation of GCC financial markets accounted for around 3.5% of the total global market capitalisation, it added.
Economy ME
19-05-2025
- Business
- Economy ME
GCC inflation rate hits 1.7 percent by December 2024 on rising housing prices: GCC-Stat
The Consumer Price data released by the Statistical Center for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) indicated that the general inflation rate in the GCC countries rose by 1.7 percent at the end of December 2024 compared to the figures recorded during the same month of the previous year. The increase in the annual general inflation rate in the Gulf is primarily driven by a 5.9 percent increase in housing prices and a 2.8 percent rise in the prices of goods and services. The culture and entertainment group recorded a 1.8 percent increase, while both the food and beverages group and the education group rose by 1.2 percent each. The restaurants and hotels group saw a 1.1 percent increase, and the health group edged up by 0.1 percent. This was offset by a 2.7 percent decline in prices in the transportation group, 1.7 percent in furniture and household equipment, 1.1 percent in tobacco, 0.9 percent in communications, and 0.2 percent in clothing and footwear. Read more: GCC inflation reaches 1.7 percent by end of October 2024, reports GCC-Stat The overall Gulf inflation rate was also lower than the European Union inflation rate of 2.7 percent, and lower than many of the GCC's major trading partners in total merchandise imports. Brazil recorded the highest inflation rate in December 2024 compared to the figures recorded during the same month of the previous year, at 4.8 percent. It was followed by Japan at 3.6 percent, then the Republic of India and the United Kingdom at 3.5 percent, the United States at 2.9 percent, Germany at 2.6 percent, South Korea at 1.9 percent, France and Italy at 1.3 percent each, and China at 0.1 percent.
Zawya
17-02-2025
- Business
- Zawya
GCC countries' crude oil production in 2023 logged about 17 mbpd, ranking first worldwide in output, reserves, exports
MUSCAT: GCC countries ranked first in global energy indicators and first in crude oil production, crude oil reserves, crude oil exports and natural gas reserves. Additionally, the GCC countries ranked second worldwide in natural gas exports and third in marketed natural gas production, according to data issued by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat). Data indicate that the GCC countries' crude oil production in 2023 logged about 17 million barrels per day (mbpd), which accounted for 23.2% of the total global crude oil production, despite a 6.8% decrease in crude oil production in 2023 compared to the production recorded in 2022. The GCC countries' crude oil reserves in 2023 reached about 511.9 billion barrels, which accounted for 32.6% of the total global crude oil reserves, recording an average annual growth rate of 0.3% during the period from 2014 to 2023. The GCC Countries' crude oil exports in 2023 logged about 12.4 mbpd, representing 28.2% of the total global crude oil exports, despite a decrease in exports in 2023 by 8.2% compared to the figures recorded in 2022. The GCC Countries' oil derivatives exports in 2023 reached about 1518.6 million barrels, which accounted for 13.4% of global oil derivatives exports, with an increase of 7.1% compared to the figures recorded in 2022. The GCC Countries ranked second globally in oil derivatives exports, while oil derivatives imports reached 212.3 million barrels, with an average annual growth rate of 0.1%. Gas oil/diesel production recorded the highest rate among petroleum derivatives in 2023, with a quantity of 660.4 million barrels, followed by gasoline with 336.2 million barrels, then kerosene and jet fuel with 319.4 million barrels. Fuel oil, naphtha and petroleum gases recorded production of 263.1, 221.6 and 103.3 million barrels, respectively. Gasoline consumption in the GCC countries in 2023 logged about 336.6 million barrels, while gas oil/diesel consumption reached 299.7 million barrels. The rest of the derivatives witnessed varying quantities between 34.8 and 268.3 million barrels. With regard to natural gas, the GCC countries' reserves in 2023 reached about 44.195 billion cubic meters, which represent 21.4% of the total global reserves of natural gas, with an increase in reserves of 0.2% compared to the figures recorded in 2022. The GCC countries' natural gas exports in 2023 logged about 180.9 billion cubic meters, which accounted for 13.1% of the total global natural gas exports, with an average annual growth rate in exports of 2.5% during the period from 2014 to 2023. The GCC countries' production of marketed natural gas in 2023 reached about 464.2 billion cubic meters, which represented 10.8% of the total global production of marketed natural gas, with an increase of 1.4% compared to the figures recorded in 2022. In renewable energy indicators, the capacity of renewable energy stations in the GCC countries reached about 10,742 megawatts in 2023, recording an increase of 74.7% compared to the figures logged in 2022. The capacity increased, especially in recent years, in light of the Council's implementation of policies related to the use of renewable energy instead of fossil energy. The energy produced by the stations in 2023 reached about 14,403 gigawatt per hour, with an increase of 72.4% compared to the figures recorded in 2022. The GCC countries' electricity production in 2023 reached about 794.9 thousand gigawatt per hour, with an average growth rate of about 4.7% during the period from 2019 to 2023. These figures logged an increase of 1.2% compared to the figures of 2022, while consumption reached 732.5 gigawatt per hour, with an increase of 1.3% compared to the figures logged in 2022.
