The volume of workers’ remittances from GCC countries is the highest globally, with the U.S. following closely behind
The center’s data shows GCC workers’ remittances abroad fell by nearly $500 million, or about 0.4 percent, by end of 2023.
The total remittances of workers in the Gulf Cooperation Council (GCC) countries to foreign destinations reached $131.5 billion by the conclusion of 2023, as per the most recent data released by the GCC Statistical Center.
The volume of workers’ remittances from GCC countries is the highest globally, with the United States following closely behind.
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The center’s data highlights that the total remittances of workers from GCC countries abroad by the end of 2023 decreased by nearly $500 million compared to 2022, reflecting a decline of approximately 0.4 percent. This downturn comes after notable increases recorded in 2021 and 2022, which exhibited growth rates of 9.2 percent and 3.8 percent, respectively.
Additionally, the proportion of these remittances as a percentage of the GCC’s Gross Domestic Product (GDP) at current prices fell from 8.1 percent in 2020 to 6 percent in 2022, before witnessing a modest rise in 2023, stabilizing at 6.2 percent.
