Zahra Habib
The economies of the Gulf Cooperation Council states during the third quarter of 2024 witnessed remarkable progress in the contribution of the non -oil sector with the local product, in light of the continuation of efforts to economic diversity and reduce dependence on oil as a main source of income.
A recent report issued by the Gulf Statistical Center revealed that the Bahraini economy recorded the highest contribution to the non -oil sector, compared to the rest of the Gulf states, as it grew by about 6 times compared to the oil sector, in an indication of the success of the Kingdom’s policies in strengthening the productive and service sectors that are not based on oil.
According to the report, the gross domestic product of Bahrain amounted to about 11.5 billion US dollars, the non -oil sector, including 85.6%, was made up, while the oil sector’s contribution was limited to only 14.4%, for the Kingdom to lead the Gulf states in this aspect.
As for the Omani economy, it recorded the fastest growth rate at the current prices in the third quarter of 2024 compared to the same period in the previous year, in an achievement that reflects the dynamics of the economic sectors in the Sultanate. Oman recorded a local product of 27 billion dollars, the non -oil sector constituted 64.3% compared to 35.7% for the oil sector.
In Saudi Arabia, the gross domestic product reached about 268.6 billion dollars, which contributed to the non -oil sector by 76.8% compared to 23.3% for the oil sector, equivalent to 3 times in the Saudi economy, confirming the Kingdom’s continued achievement of the “Vision 2030” goals by diversifying income sources.
While the contribution of the non -oil sector in Qatar amounted to 62.9% of its total product of $ 56.1 billion, and in Kuwait the value of the GDP amounted to 39.1 billion dollars, distributed by 55.6% for the non -oil sector, 44.4% for oil.
These numbers highlight a clear path that the Gulf states follow towards more diverse and sustainable economies, amid global transformations that require reducing dependence on oil revenues and expanding the productive and service base.
It is noteworthy that the report did not address the statistics of the United Arab Emirates, due to the lack of data on the third quarter of 2024, as mentioned in the document published on the center’s website.
