According to Amac News: The center said it expects this growth to accelerate to 4.5 percent in 2025 and then stabilize at 3.5 percent in 2026.
This growth is linked to increased oil production in the GCC countries, especially given the gradual liberalization of production quotas by the OPEC+ coalition from the second half of 2024.
Likewise, the development of new gas fields in the region and a faster recovery in sectors related to transport, tourism and infrastructure projects, supported by expansionary policies at the public finance level, will contribute to this growth.
GCC-Stat’s preliminary forecasts also indicate an improvement in growth in the non-oil sector, which will register a growth rate of 4.5% in 2024, increasing to 3.3% and 4.1% in 2025 and 2026, respectively. This growth is driven by increased private sector activity, particularly in tourism, transportation, warehousing and retail.
The forecasts emphasize that the continued implementation of economic diversification strategies in 2024-2026 will lead to significant growth in key sectors, including renewable energy, technology, innovation and manufacturing industries.
According to GCC-Stat data, the GCC countries’ GDP reached $1,691.8 billion in 2023, showing a growth of 0.5% compared to 2022. The non-oil sector’s value added also grew by 3.3 percent in 2023.
The average per capita GDP in current prices in the GCC countries reached $36.7 thousand in 2023, down 5 percent from $38.6 thousand in 2022.
The GCC countries’ GDP in current prices accounted for 2 percent of global GDP and 60.5 percent of total Arab GDP.
On the other hand, inflation rates in the GCC countries are projected to remain stable at 2.4 percent, 2.6 percent, and 2.1 percent, respectively, in 2024-2026. Factors that may increase inflationary pressures include consumer prices, rising prices of imported raw materials, and rising consumption and public spending rates across the GCC countries.
In addition, monetary policies in the United States, the European Union, the United Kingdom, and Japan, which are aimed at controlling inflationary pressures and keeping interest rates stable, will help stabilize inflation rates in the GCC countries.
The consumer price inflation rate in the GCC countries is expected to reach around 2.2 percent in 2023, down from 3.1 percent in 2022. This decline was driven by improved supply chains, lower crude oil prices, lower global food prices, and the appreciation of the US dollar against major currencies.