The Statistical Center of the Cooperation Council for the Arab States of the Gulf expects the growth of the gross domestic product at constant prices in the GCC countries by 3.7 percent by the end of this year 2024, and 4.5 percent in 2025, to stabilize at 3.5 percent in 2026.
The center indicated that this expected growth during the years 2024, 2025, and 2026 comes due to the increase in oil production, especially since the OPEC+ alliance is currently gradually liberalizing production quotas since the second half of this year 2024. Especially with the completion of the development of new gas fields in the region, in addition to the acceleration of the pace of economic recovery in sectors related to transportation, tourism, and infrastructure projects, supported by expansionary policies at the level of public finance.
The initial forecasts issued by the center showed an improvement in growth in the non-oil sector in the council, achieving a growth rate of 4.5 percent during the current year 2024, while maintaining this growth rate, with an increase rate of 3.3 percent and 4.1 percent in the years 2025 and 2026, respectively.
Source (Al-Khaleej Emirati Newspaper, Edited)
