emirates7 - According to the latest data from the GCC Statistical Centre, workers in Gulf Cooperation Council (GCC) countries sent a total of $131.5 billion in remittances abroad by the end of 2023.
The GCC remains the largest source of worker remittances globally, surpassing all other regions, with the United States ranking second.
The data also reveals that total remittances from the GCC in 2023 saw a slight decline of approximately $500 million compared to 2022, representing a 0.4% decrease. This follows notable growth in previous years, with remittances increasing by 9.2% in 2021 and 3.8% in 2022.
Furthermore, the proportion of these remittances relative to the GCC’s Gross Domestic Product (GDP) at current prices dropped from 8.1% in 2020 to 6% in 2022. However, in 2023, this figure saw a modest rise, reaching 6.2%.
The GCC remains the largest source of worker remittances globally, surpassing all other regions, with the United States ranking second.
The data also reveals that total remittances from the GCC in 2023 saw a slight decline of approximately $500 million compared to 2022, representing a 0.4% decrease. This follows notable growth in previous years, with remittances increasing by 9.2% in 2021 and 3.8% in 2022.
Furthermore, the proportion of these remittances relative to the GCC’s Gross Domestic Product (GDP) at current prices dropped from 8.1% in 2020 to 6% in 2022. However, in 2023, this figure saw a modest rise, reaching 6.2%.