MUSCAT, Aug 17:  The gross national income (GNI) of the Gulf Cooperation Council (GCC) countries reached USD 2.143 trillion in 2023, marking a 2.7 percent decline from USD 2.202 trillion in 2022, the Statistical Centre of the GCC (GCC-Stat) reported on Sunday.

Disposable national income, which reflects the income available for consumption and savings after taxes and transfers, fell by 3 percent to USD 989.1 billion, compared to USD 1,015 billion in 2022.

The GCC’s non-oil sector contributed USD 1.513 trillion to the economy at current prices, while the oil sector added USD 603.5 billion. The non-oil sector’s share of GDP rose to 71.5 percent by the end of 2023, up from 65 percent in 2022, supported by an annual growth rate of 6.4 percent.

Over the past five years, mining and quarrying activities have been the largest contributors to the GCC economy, averaging 28.3 percent, while manufacturing contributed the most within the non-oil sector, averaging 11.7 percent.

Most economic activities posted positive growth in 2023, led by finance and insurance at 11.7 percent, transportation and storage at 11.6 percent, real estate at 8.1 percent, public administration and defense at 7.9 percent, wholesale and retail trade at 7.6 percent, and education at 5.5 percent. However, mining and quarrying and manufacturing experienced declines of 18.8 percent and 0.7 percent, respectively.

Regarding GDP components, exports of goods and services amounted to USD 258.7 billion, contributing 59.5 percent to GDP, a decrease of 7.1 percent from the previous year. Final consumption spending by households, non-profit organizations, and the government totaled USD 245.6 billion, with an annual growth rate of 7.5 percent, while gross capital formation reached USD 601.8 billion, growing 5.5 percent annually.

GCC-Stat, headquartered in Oman, serves as the official authority for data, information, and statistics concerning GCC countries and works to strengthen statistical and information efforts across national centers and planning agencies.