MUSCAT: Non-oil GDP across the Gulf Cooperation Council countries expanded by 4.4 per cent in 2024, driving the overall 1.9 per cent rise in real GDP, according to preliminary data issued by the GCC Statistical Centre.

The value-added of non-oil activities increased from $1,237.2 billion in 2023 to $1,292.1 billion in 2024.

“This expansion highlights the growing contribution of non-oil activities to the regional economy and the tangible progress of economic diversification initiatives across member states”, the report stated.

Transport and storage recorded the highest growth among non-oil sectors, rising 6.5 per cent, followed by agriculture and fishing at 6.4 per cent. Accommodation services expanded 6.3 per cent, reflecting strengthening tourism flows and continued sector investment.

Construction, trade and financial services grew between 5.0 and 5.5 per cent, supported by large-scale development projects and stronger domestic demand. In contrast, oil-sector value-added declined by 3.8 per cent due to ongoing OPEC+ output reduction commitments.

Looking ahead, GCCStat forecasts non-oil growth to moderate to 3.5 per cent in 2025, before accelerating to 4.2 per cent in 2026 and 5.2 per cent in 2027, driven by tourism, logistics, manufacturing and renewable energy projects.

“The private sector is expected to play a central role”, the GCC Statistical Centre emphasised, citing continued reforms and rapid digital transformation.

The report noted that diversification agendas remain critical to sustaining long-term economic expansion and reducing reliance on hydrocarbons.

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