GCC Countries Reach $587.8 Billion Nominal GDP: What This Growth Means for Investors and Entrepreneurs

• By Observer Web Team
• July 27, 2025July 27, 2025
• GCC economy GDP growth non-oil activities
• With 0 comments

Muscat – According to the latest figures released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat), the nominal Gross Domestic Product (GDP) of the Gulf Cooperation Council (GCC) nations reached $587.8 billion at the end of the fourth quarter of 2024. This marks an increase from $579 billion recorded at the end of the fourth quarter of 2023, representing a growth rate of 1.5%.

The data highlights that non-oil activities contributed significantly to the GCC’s nominal GDP, accounting for 77.9%, while oil-related activities made up the remaining 22.1%.

Within the non-oil sectors, the manufacturing industry contributed 12.5% to the GDP, followed by wholesale and retail trade at 9.9%. The construction sector accounted for 8.3%, with public administration and defense at 7.5%. Finance and insurance contributed 7%, real estate activities 5.7%, and other non-oil sectors collectively made up 27%.

On a quarterly basis, the nominal GDP of the GCC countries grew by 1.3% in the fourth quarter of 2024, rising to $587.8 billion from $580.1 billion in the third quarter of the same year.

Special Analysis by Omanet | Navigate Oman’s Market

The GCC’s steady GDP growth and the dominant 77.9% contribution from non-oil activities signal a strong economic diversification trend, presenting significant opportunities for Omani businesses to invest in manufacturing, trade, and services. For smart investors and entrepreneurs, focusing on sectors like manufacturing (12.5%), construction (8.3%), and finance (7%) offers potential for sustainable growth amidst declining oil dependency. However, businesses should also remain vigilant to regional economic shifts and leverage government initiatives that support non-oil sectors to stay competitive.