Remittances by Workers in GCC Countries Exceed USD 131 Billion

Muscat, 16 Mar (ONA) — The total remittances of workers in the Gulf Cooperation Council (GCC) countries to foreign destinations amounted to USD 131.5 billion by the end of 2023, according to the latest data released by the GCC Statistical Centre.

The volume of workers’ remittances from GCC countries is the highest globally, followed by remittances from the United States.

The centre’s data indicates that the total remittances of workers from GCC countries abroad by the end of 2023 decreased by approximately USD 0.5 billion compared to 2022, marking a 0.4 percent decline. This comes after significant increases recorded in 2021 and 2022, which saw growth rates of 9.2 percent and 3.8 percent, respectively.

Additionally, the share of these remittances as a percentage of the GCC’s Gross Domestic Product (GDP) at current prices declined from 8.1 percent in 2020 to 6 percent in 2022, before experiencing a slight increase in 2023, settling at 6.2 percent.

—Ends/AG