Average GDP per capita in GCC declines to $36.7 thousand

Data issued by the Gulf Statistical Center showed that the average GDP per capita at current prices in the Gulf Cooperation Council countries reached $36.7 thousand in 2023, down from $38.7 thousand in 2022.

The World Bank expects the Gulf economy to grow by more than 4% in 2025, driven by non-oil sectors, which enhances optimism about the economic future of the region.

The Gulf Cooperation Council countries are working to cooperate and integrate in the economic field in general and the commercial field in particular, by removing obstacles, increasing the rate of trade exchange between the Council countries, and enhancing efforts to facilitate the flow of goods and services, and achieve economic unity between the GCC countries.

The GCC countries’ GDP for 2023 is approximately $2.1 trillion, which puts them together among the advanced countries in terms of GDP size. The assets of the GCC sovereign wealth funds are approximately $4.4 trillion, equivalent to 34% of the total assets of the 100 largest sovereign wealth funds in the world. The total volume of intra-GCC trade for 2022 amounted to more than $127 billion, and the total volume of trade exchange with the countries of the world for the GCC countries for 2022 amounted to more than (1.5) trillion dollars. The GCC continues its intensive efforts to conclude free trade agreements with many countries, including Britain, New Zealand, Turkey, Japan, South Korea and India. The signing of a free trade agreement between Pakistan has also been completed.