GCC’s non-oil sector sees robust growth despite output cuts

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The non-oil sector will remain the key growth driver in the GCC in 2024 and beyond, according to the Institute of Chartered Accountants in England and Wales (ICAEW), as regional countries’ fiscal positions are expected to weaken following the extension of crude production cuts by OPEC+ in June.

GDP growth in the oil-rich GCC is expected to slow in 2024 to 2.2 per cent down from 2.7 per cent three months ago, though non-energy sectors remain resilient.

ICAEW projected that Saudi Arabia,…