MUSCAT, July 27: The gross domestic product (GDP) of the Gulf Cooperation Council (GCC) countries at current prices reached USD 587.8 billion by the end of the fourth quarter of 2024, marking a 1.5 percent growth compared to the same period in 2023, according to data released on Sunday by the Statistical Center for the Cooperation Council for the Arab States of the Gulf.

The increase represents a rise of USD 8.8 billion from the USD 579 billion recorded at the end of the fourth quarter of 2023.

The center’s report highlighted that non-oil activities continued to dominate the region’s economic output, contributing 77.9 percent to the total GDP at current prices, while oil-related activities accounted for 22.1 percent.

Among the non-oil sectors, manufacturing industries contributed 12.5 percent, wholesale and retail trade 9.9 percent, construction 8.3 percent, public administration and defense 7.5 percent, finance and insurance 7 percent, and real estate activities 5.7 percent. Other non-oil activities collectively accounted for 27 percent of the GDP.

Compared to the third quarter of 2024, the GCC's GDP grew by 1.3 percent, rising from USD 580.1 billion recorded in Q3.

The Statistical Center, headquartered in the Sultanate of Oman, serves as the official authority for data, statistics, and information relevant to GCC countries. It also works to support and coordinate with national statistical centers and planning bodies across the member states.