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Arabian Post
3 days ago
- Business
- Arabian Post
GCC's National Income Declines in 2023 Amid Economic Shifts
Arabian Post Staff -Dubai Data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf reveals a notable decline in the Gulf Cooperation Council's national income for 2023. The value of gross national income for the GCC region stood at US$2.143 trillion, down 2.7% from the previous year's figure of US$2.202 trillion. This reduction marks a significant shift in the economic landscape of the Gulf nations. In 2023, the disposable national income, which measures the income available for consumption and savings after taxes and transfers, also saw a downturn, reaching US$1.989 trillion, compared to US$2.515 trillion in 2022. This represents a 3% decrease in the financial resources available for the region's residents and businesses. ADVERTISEMENT The GCC's national income data reflects broader economic trends and shifts in the region's economic structure, with particular attention given to the changes in the oil and non-oil sectors. While the non-oil sector has grown in importance, the oil sector remains a substantial contributor to the region's total income. By the close of 2023, the non-oil sector's value added to the economy amounted to US$513 billion, while the oil sector still held a dominant position with a contribution of US$603.5 billion. Despite the oil sector's continued strength, the overall decline in GNI suggests that broader economic challenges are at play. The sharp contrast in performance between the oil and non-oil sectors could be attributed to various factors, including fluctuations in global oil prices and shifting demand for the region's primary energy exports. While the oil industry continues to be a critical economic driver, the Gulf countries have increasingly turned to diversification efforts, investing heavily in areas such as finance, technology, and tourism to reduce reliance on oil. The results also reflect global economic pressures, particularly the ongoing impacts of inflation, geopolitical instability, and supply chain disruptions. These external factors have influenced both domestic consumption patterns and investment flows within the region. The 2023 decline in disposable national income indicates that households and businesses in the GCC are experiencing reduced financial flexibility, possibly affecting consumption and investment decisions moving forward. Despite these challenges, the GCC economies have shown resilience in their attempts to navigate shifting global economic conditions. Several countries within the group, notably Saudi Arabia and the United Arab Emirates, have implemented ambitious plans for economic diversification under initiatives like Vision 2030. These efforts aim to transform their economies by reducing dependency on oil, focusing instead on sectors such as renewable energy, digital innovation, and high-tech industries. The non-oil sector's performance is a critical metric of success for these diversification strategies. In 2023, the growth of this sector, while still overshadowed by oil, highlights the ongoing transformation of the region's economic framework. The expansion of industries such as construction, manufacturing, and services contributes to this shift, providing the region with a more balanced economic profile, though the full impact of these changes will take time to fully materialise.
Observer
14-04-2025
- Business
- Observer
Tourism contributes 11.4% to GCC's GDP
MUSCAT: The travel and tourism sector has emerged as a key driver of economic growth in the Gulf region, contributing approximately 11.4% to the GCC's total GDP by the end of 2024. According to the latest figures from the Statistical Centre for the Cooperation Council for the Arab States of the Gulf, this translates to about RO 95 billion ($247.1 billion). Compared to 2019, the sector's GDP contribution has grown by an impressive 31.9%, underscoring the resilience and expansion of tourism-related activities across the Gulf. On a global scale, the sector's contribution to both the GCC and world GDP in 2024 stands at 2.2%. Looking ahead, projections indicate a continued upward trend. By 2034, the sector is expected to account for 13.3% of the GCC's GDP, reaching a value of RO 142.8 billion ($371.2 billion). This growth will be supported by an average annual increase of over 4.2% between 2024 and 2034. In addition, intra-GCC tourism has seen robust growth. The average annual growth rate in the number of tourists traveling between GCC countries from 2019 to 2023 reached 41.5%. Notably, travelers within the Gulf represented 26.5% of all international tourists arriving in GCC countries in 2023. These figures highlight the rising importance of regional travel and the broader tourism ecosystem in shaping the Gulf's economic future. — ONA
Gulf Business
28-01-2025
- Business
- Gulf Business
GCC region remains a significant player in global trade: report
The Gulf Cooperation Council (GCC) remains a significant player in global trade, despite experiencing a decline in trade volume in 2023, according to the latest Foreign Trade Report issued by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf ( The GCC ranked sixth globally in the volume of trade in goods, accounting for 3.4 per cent of the world's total trade in goods. However, the region's overall trade volume dropped by 4.0 per cent to $1.5 trillion in 2023, down from the previous year. In terms of merchandise trade balance, the GCC secured the third position globally, with a value of $163.7 bn in 2023. This marks a significant decrease of 57.1 per cent compared to the $381.3 bn recorded in 2022. The report also highlighted the region's performance in commodity exports, with the GCC ranking fifth worldwide. The region contributed 3.1 per cent to global commodity exports, valued at $0.8tn in 2023, reflecting a 14.5 per cent decline compared to 2022. On the import side, the GCC ranked ninth globally, accounting for 2.7 per cent of total global merchandise imports, valued at $0.7tn in 2023. This represents a 13.4 per cent increase over the previous year. A detailed analysis showed that the GCC's trade in goods, excluding intra-regional trade, declined by 4 per cent to $1,482.4bn in 2023, from the same amount in 2022. Commodity exports saw a significant drop, falling from $962.6bn in 2022 to $823.1bn in 2023, a decrease of $139.5bn. Conversely, commodity imports grew by 13.4 per cent, rising to $659.3bn in 2023, up from $581.3bn the year prior. Oil exports, a major driver of GCC trade, fell by 20.5 per cent in 2023, totalling $525.5bn, compared to $661.1bn in 2022. GCC countries' key trading partners In terms of The GCC's commodity trade with China totaled $297.9bn in 2023, well ahead of India, the second-largest partner at $150.4bn, marking a $147.6bn gap. China was also the largest importer of Gulf commodities, purchasing 19.2 per cent of total GCC exports, valued at $158.3 bn, though this was a decrease of 16.8 per cent compared to $190.4bn in 2022. On the import side, China ranked first among the GCC's main trading partners, accounting for 21.2 per cent of the region's total merchandise imports. The value of imports from China grew by 10.8 per cent to $139.6bn, up from $126bn in 2022. While the overall figures reflect a slight slowdown in the GCC's trade activities in 2023, the region's position within global trade remains robust, with China continuing to be a dominant partner in both exports and imports.
