By Staff Reporter
GCC Workers’ Remittances Reach $131.5 Billion in 2023
The Gulf Cooperation Council (GCC) countries have maintained their position as global leaders in workers’ remittances, with total payments to foreign destinations reaching $131.5 billion by the end of 2023, according to the latest data from the GCC Statistical Centre.
This substantial figure positions the GCC ahead of all other regions, including the United States, which ranks second in remittance volume.
However, while the GCC remains a major source of international remittances, the region saw a slight decrease of approximately $500 million compared to 2022, marking a 0.4% dip. This follows two years of notable growth, with remittances increasing by 9.2% in 2021 and 3.8% in 2022.
The data also highlights the changing share of remittances in relation to the GCC’s Gross Domestic Product (GDP). The share fell from 8.1% in 2020 to 6% in 2022, before slightly rebounding to 6.2% in 2023. This shift reflects broader economic dynamics within the region as it continues to adapt to changing labor markets and global economic conditions.
Despite the minor decline, the GCC remains a pivotal player in the global remittance landscape, with its workers contributing significantly to their home countries’ economies.
News Source: Emirates News Agency
