GCC GDP 2024: Real and nominal figures differ, but both show non-oil sectors make up over 70%

In 2024, the GCC’s economy grew steadily, with real GDP rising 3.3% in Q4 and 2.4% over the year, driven by non-oil sectors like manufacturing and trade. Nominal GDP rose 1.5%, reflecting lower oil prices. Non-oil activities now dominate both real and nominal GDP, signaling a clear shift away from oil dependence through structural reforms and investment.