Remittances from Gulf workers abroad hit $131.5 billion in 2023

Remittances from workers in the Gulf Cooperation Council (GCC) countries reached $131.5 billion by the end of 2023, according to the latest data released by the GCC-Stat.

Total remittances saw a slight decline of about 0.4%, equivalent to half a billion dollars, compared to 2022, after a significant increase in 2021 and 2022 of 9.2% and 3.8%, respectively.

Data indicates a decline in remittances as a percentage of the Gulf’s GDP (at current prices) from 8.1% in 2020 to 6% in 2022, before recording a slight increase to 6.2% in 2023.

These remittances also declined as a percentage of the Gulf’s GDP (at current prices) from 8.1% in 2020 to 6% in 2022, rising slightly in 2023 to remain at 6.2%.

According to the Emirates News Agency (WAM), the volume of remittances from workers in the Gulf Cooperation Council (GCC) countries ranks first globally, as they are the largest source of remittances abroad, followed by the United States.

These figures reflect the significant financial flows sent by workers in the Gulf countries to their home countries, making the GCC countries the largest global source of remittances, surpassing the United States, which ranks second.