This statistic describes the non-oil gdp growth in the gulf cooperation council from 2009 to 2015, with estimates for 2016 and 2017 it is forecasted that the states of the gulf cooperation council will have a gdp growth of 31 percent in 2017 excluding the oil sector or their national economies. The picture below shows the same diversification processes beyond the conventional oil business in the gcc economies source: (beaumont, 2014) part 2 non oil sector of the uae tourism: the uae has made significant progress in its attempts of diversification to non oil sectors.
The international monetary fund (imf) predicted in its latest update to gulf economies last week that non-oil growth in non-oil economies will decline 2014 to diversify the non-oil sectors and achieved many successes in this sector. Economic diversification in the gcc 4 international monetary fund executive summary the gulf cooperation council (gcc) growth model has delivered strong economic and social outcomes over several decades gcc economies rely on oil as the main source of export and fiscal revenues.
Oil price fluctuations and the economies of the gcc magda elsayed kandil 2 1 gdp p03 2 inflation gcc nominal gdp (oil and non oil sectors) 5 real growth and the oil price cycle source:. Manama, 2 may 2018: data published in the latest bahrain economic quarterly (beq) reveals that bahrain’s real gdp grew by 39% in 2017, with the non-oil economy expanding by 5%, making it the fastest growing country in the gcc.
Dubai: the uae gdp growth is poised for a convincing recovery in 2018 led by strong improvement in non-oil sector growth according the international monetary fund “economic diversification.
The report ‘economic insight: middle east q2 2017’, produced by oxford economics, icaew’s partner and economic forecaster, anticipated non-oil sector growth across the gcc to reach 26.