GCC GDP Reaches $456 Billion: What the Growth of Non-Oil Sectors Means for Your Business in Oman

• By Oman Market
• August 3, 2025August 4, 2025
• economic growth GCC GDP non-oil sectors
• With 0 comments

MUSCAT: The combined GDP of the Gulf Cooperation Council (GCC) countries at constant prices increased by 3.3 percent, reaching $456.3 billion by the end of the fourth quarter of 2024. This marks a rise from $442.3 billion recorded during the same period in 2023.

Data released by the Statistical Center for the Cooperation Council for the Arab States of the Gulf (GCC) reveal that non-oil sectors accounted for 70.6 percent of the total GDP at constant prices in Q4 2024, while oil-related activities represented 29.4 percent.

Additionally, the GCC’s GDP showed a quarterly growth of 1 percent, increasing from $452.2 billion in Q3 to $456.3 billion in Q4 of 2024. — ONA

Special Analysis by Omanet | Navigate Oman’s Market

The GCC’s GDP growth driven predominantly by non-oil sectors (70.6%) signals a significant economic diversification trend, reducing dependency on oil revenues. For businesses in Oman, this presents opportunities to innovate and expand in sectors like technology, finance, and tourism, while investors should strategically focus on emerging non-oil industries to capitalize on sustainable growth. Smart entrepreneurs must now prioritize agility and sectoral diversification to leverage the evolving market dynamics across the GCC.