The economies of the GCC countries advanced during 2024, according to a report presenting comprehensive data on macroeconomic indicators of the GCC.

The report, “GCC in Numbers”, issued by the Statistical Centre for the Cooperation Council for the Arab States of the Gulf,  shows that the GCC countries achieved real growth in GDP thanks to economic diversification programmes and financial reforms.

The GDP of the GCC countries grew by 2.2 percent to reach 2.3 trillion US dollars in 2024, ranking ninth globally.

The report also shows an improvement in the GCC’s global economic indicators, including competitiveness, flexibility, and economic dynamics.

These advances were driven by the growth of non-oil sectors, the development of digital infrastructure, and a growing regional and international presence.

The GCC countries ranked first globally in oil reserves with 512 billion barrels, third globally in natural gas production with 442 billion cubic metres, and second in natural gas reserves with 44 billion cubic metres.

Total exports of the GCC countries ranked tenth globally at 850 billion US dollars. Imports ranked 11th globally at 739 billion US dollars. In terms of total trade volume, the GCC economies ranked tenth globally at 1.589 trillion US dollars. The GCC bloc ranked sixth globally in terms of its trade balance surplus at 110 billion US dollars.

GCC countries ranked between 15th and 52nd globally in the Human Development Index, within the “Very High Human Development” category.