The Gulf Cooperation Council (GCC) recorded a total gross national income (GNI) of $2.143 trillion in 2023, according to new figures published by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat). The number reflects a 2.7% fall compared to $2.202.7 trillion the year before.
Disposable national income, which measures the amount left for consumption and savings after taxes and transfers, stood at $1.989 trillion in 2023. That compares with $2.515 trillion in 2022, representing a decline of 3%.
The report also breaks down the performance of both oil and non-oil industries. By the end of 2023, the non-oil sector’s total value added was estimated at around $513 billion, while the oil sector generated US$603.5 billion.
Non-oil activities have become increasingly important for the GCC’s economy. Their contribution to the region’s gross domestic product (GDP) at current prices grew to 71.5% in 2023, up from 65% the year before, with an annual growth rate of 6.4%.
Over the last five years, mining and quarrying have been the biggest drivers of the economy, accounting for an average of 28.3%. Within the non-oil sector, manufacturing has consistently played the leading role, contributing 11.7% on average to GDP.
In terms of sector performance last year, financial and insurance services topped the list with an annual growth rate of 11.7%, followed closely by transportation and storage at 11.6%. Real estate activities grew by 8.1%, public administration and defence by 7.9%, wholesale and retail trade by 7.6%, and education by 5.5%. In contrast, mining and quarrying contracted by 18.8% and manufacturing dipped slightly by 0.7%.
When looking at GDP through the expenditure lens, exports of goods and services reached around $1.2587 trillion in 2023, making up 59.5% of GDP at current prices. However, this marked a 7.1% decrease compared with 2022.
Meanwhile, final consumption expenditure, which includes household, government, and non-profit spending, reached $1.245 trillion, rising by 7.5% year-on-year. The value of total capital formation, reflecting investments in fixed assets, came in at $601.8 billion, showing annual growth of 5.5%.
The data highlights the shifting balance of the GCC’s economy, with non-oil industries expanding their share despite declines in the resource-heavy sectors.
