Muscat: According to the report titled “Economic Performance Outlook 2024 for the GCC – Enabling Fiscal Sustainability and Enhancing Non-Oil Growth,” the combined economies of GCC countries recorded a real GDP growth rate of 1.9% in 2024, supported by a robust 4.4% expansion in non-oil sectors. This reflects the region’s steady march toward economic diversification and reduced reliance on hydrocarbons.

The publication provides a detailed analysis of macroeconomic performance, covering key areas such as inflation, public finance, debt, financial markets, monetary policy, foreign investment, trade, and labor market trends. It also presents projections indicating that GCC economic growth could reach 4.3% by 2027, fueled by increased investments in tourism, renewable energy, manufacturing, and technology.

Her Excellency Intisar bint Abdullah Al-Wahaibiyah, Director General of the GCC Statistical Centre, said the report embodies the Centre’s commitment to transparency and data-driven policymaking. “Providing extensive information on economic data contributes to increased transparency and supports efforts toward Gulf economic integration and evidence-based policy development,” she told the Oman News Agency.

The report’s chapters detail the fiscal sustainability strategies of member states, assess public finance stability, and analyze financial market performance and banking liquidity. It also dedicates sections to foreign direct investment, non-oil exports, and labour market reforms, emphasizing national initiatives to empower Gulf talent and achieve workforce balance.

Concluding the study, the GCC Statistical Centre noted that the report represents a “qualitative addition to the Gulf statistical landscape,” enabling users to compare standardized economic data across member states and measure progress toward sustainable development goals and economic transformation under Vision 2030 and 2040 frameworks.