Muscat – The latest data released by the GCC Statistical Centre (GCC-Stat) reveal that the nominal gross domestic product (GDP) of the GCC countries reached $587.8bn by the end of the fourth quarter of 2024, up from $579bn at the end of the fourth quarter of 2023, reflecting a growth rate of 1.5%.

According to the data, non-oil activities accounted for 77.9% of the GCC’s nominal GDP by the end of the fourth quarter of 2024, while oil-related activities contributed 22.1%.

The manufacturing sector contributed 12.5% to GDP, while wholesale and retail trade accounted for 9.9%. The construction sector contributed 8.3%, followed by public administration and defence at 7.5%, finance and insurance at 7%, and real estate activities at 5.7%. Other non-oil activities collectively contributed 27%.

Compared to the third quarter of 2024, the nominal GDP of the GCC countries grew by 1.3% in the fourth quarter, rising from $580.1bn to $587.8bn.