Nominal GDP Overview
The GCC economies collectively represent one of the most concentrated wealth clusters in the global economy. Saudi Arabia dominates in absolute output, but the UAE leads on diversification and per capita measures when adjusted for economic complexity.
| Country | Nominal GDP (USD bn, 2024) | GDP Per Capita (USD, 2024) | Real GDP Growth (%, 2024) |
|---|---|---|---|
| UAE | 528 | 53,700 | 3.9 |
| Saudi Arabia | 1,069 | 30,400 | 2.8 |
| Qatar | 235 | 81,400 | 2.4 |
| Kuwait | 161 | 36,200 | 2.1 |
| Bahrain | 46 | 29,800 | 3.1 |
| Oman | 105 | 21,300 | 2.6 |
GDP Composition by Sector
The share of non-oil GDP is a critical indicator of structural resilience. The UAE has achieved the highest proportion of non-hydrocarbon output among GCC states, reducing vulnerability to commodity cycles.
| Country | Oil & Gas (% of GDP) | Non-Oil (% of GDP) | Government (% of GDP) |
|---|---|---|---|
| UAE | 30 | 70 | 10 |
| Saudi Arabia | 40 | 60 | 18 |
| Qatar | 45 | 55 | 12 |
| Kuwait | 52 | 48 | 22 |
| Bahrain | 18 | 82 | 16 |
| Oman | 36 | 64 | 20 |
Historical Growth Trajectory (2019-2024)
| Country | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| UAE | 1.1 | -5.0 | 4.4 | 7.9 | 3.6 | 3.9 |
| Saudi Arabia | 0.3 | -4.1 | 3.9 | 8.7 | -0.8 | 2.8 |
| Qatar | 0.8 | -3.6 | 1.5 | 4.9 | 1.8 | 2.4 |
| Kuwait | -0.6 | -8.9 | 1.3 | 8.2 | -1.4 | 2.1 |
| Bahrain | 2.1 | -4.6 | 2.6 | 4.9 | 2.7 | 3.1 |
| Oman | -0.8 | -3.4 | 3.1 | 4.3 | 1.3 | 2.6 |
Relative Positioning Analysis
The UAE occupies a distinct position within the GCC GDP landscape. While Saudi Arabia commands roughly double the nominal output, the UAE outperforms on per capita measures and maintains stronger non-oil growth momentum. Qatar leads on per capita GDP due to its small population relative to LNG revenues, but this metric obscures limited sectoral breadth.
Kuwait and Oman face structural challenges, with higher hydrocarbon dependence constraining their growth trajectories. Bahrain, despite the smallest absolute GDP, records a notably low oil-to-GDP ratio due to its early pivot toward financial services and aluminium processing.
Trend Analysis
Three trends define the current GCC GDP landscape. First, the post-pandemic recovery has been uneven, with oil production cuts under OPEC+ agreements constraining Saudi and Kuwaiti growth in 2023-2024. Second, the UAE and Bahrain have demonstrated the most consistent non-oil growth, driven by services expansion and regulatory reform. Third, Qatar’s growth has moderated following the completion of FIFA World Cup infrastructure spending, shifting focus to North Field LNG expansion.
Strategic Implications
The UAE’s GDP composition suggests a more resilient long-term trajectory than peers with higher hydrocarbon concentration. The strategic priority is sustaining non-oil growth above 4 percent annually while managing fiscal consolidation. Saudi Arabia’s Vision 2030 programme represents the most significant competitive challenge, as its scale advantages in population and land area provide capacity for industrial diversification that smaller Gulf states cannot replicate.