"Gulf Statistical Centre"Positive Gulf economic expectations

Muscat, December 21 / WAM / The Statistical Center for the Cooperation Council for the Arab States of the Gulf expects that the GDP at constant prices for the GCC countries will grow by 3.7% in the current year 2024, and growth will continue at a higher pace in 2025 AD to reach 4.5%, then growth will stabilize at a rate of 3.5. % in 2026.
The center indicated that this expected growth during the years 2024, 2025 and 2026 comes due to the increase in oil production in the GCC countries, especially since the OPEC+ alliance is currently gradually liberalizing production quotas since the second half of the current year 2024, especially with the completion of the development of new gas fields. In the region, in addition to the acceleration of the pace of economic recovery in sectors related to transport, tourism and infrastructure projects, supported by expansionary policies at the public financial level.
Preliminary forecasts issued by the Gulf Statistical Center indicated an improvement in growth in the non-oil sector in the Council, achieving a growth of 4.5% during the current year 2024, while maintaining this pace of growth with an increase of 3.3% and 4.1% in the years 2025 and 2026, respectively. Driven by a rapid increase in private sector activities, especially in the tourism, transportation, warehousing and retail sectors, infrastructure projects in the GCC countries will also contribute to Promoting growth in related sectors and stimulating growth in the private sector.
Expectations indicate that the GCC countries will continue to implement economic diversification strategies during the years 2024-2026, which will lead to achieving remarkable growth in key sectors, most notably renewable energy, technology, innovation, and manufacturing industries.
The Gulf Statistical Center pointed out that the gross domestic product at constant prices of the GCC countries during the year 2023 amounted to 1,691.8 billion US dollars, achieving a growth of 0.5% compared to the year 2022, as the added value of the non-oil sector witnessed a growth of 3.3% in the year 2023.
The average per capita GDP at current prices in the GCC countries witnessed a decline of 5% in 2023 to reach 36.7 thousand US dollars compared to 38.6 thousand US dollars in 2022.
The GDP at current prices of the GCC countries contributed 2% of the global gross product, which amounts to 105.4 trillion US dollars during the year 2023, and accounts for 60.5% of the total Arab product, which amounts to 3.5 trillion US dollars.
On the other hand, the Gulf Statistical Center’s forecasts indicated that inflation rates in the GCC countries will stabilize at levels of 2.4%, 2.6%, and 2.1% during the period 2024-2026, as the risks that may increase inflationary pressures are represented by consumer prices and rising commodity prices. Primary imports from outside the GCC countries, and increased rates of consumption and public spending in all GCC countries as a result of increased employment rates, higher wages, and improved household income, in addition to the contribution of monetary policies in the United States, the European Union, and the United Kingdom. Japan is maintaining interest rates to curb inflationary pressures.
The center’s data showed that the inflation rate in consumer prices in the GCC countries reached about 2.2% in 2023, lower than the inflation rate recorded in 2022 of 3.1%, as a result of the improvement in supply chains, the decline in crude oil prices, the decline in global food prices, and the rise of the US dollar against… Base currencies “with the GCC currencies linked to the US dollar.”

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