Workers in GCC countries contribute $131.5 billion in remittances: Official data

According to the latest data from the Statistical Center of the Gulf Cooperation Council (GCC), the total remittances from workers in GCC member states to foreign countries reached $131.5 billion by the end of 2023.

Remittances from workers in GCC member states rank first globally, followed by the United States. This highlights the significant role of the GCC in global labor export and capital flow, showcasing its economic influence.

The center's data also reveals that the total remittances from workers in GCC member states to foreign countries decreased by nearly $500 million at the end of 2023 compared to 2022, a drop of approximately 0.4%. Previously, significant growth rates of 9.2% and 3.8% were recorded in 2021 and 2022, respectively. This downward trend is noteworthy and may reflect new changes in the economic environment or labor market dynamics.

Furthermore, these remittances as a percentage of the GCC's Gross Domestic Product (GDP) decreased from 8.1% in 2020 to 6% in 2022, before slightly rebounding and stabilizing at 6.2% in 2023. The change in this ratio reflects the relative importance of remittances in the overall GCC economy and the potential impact of macroeconomic factors.

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