Published on March 16, 2025, by the GCC Statistical Center, the latest report reveals that the volume of remittances by foreign workers in GCC member states remained at a high level in 2023.
Record-Breaking Capital Outflow by Foreign Workers in the Gulf
The total remittances by foreign workers in GCC member states reached OMR 50.6 billion (equivalent to $131.5 billion USD) by the end of 2023.
GCC Countries Lead the Global Remittance Rankings
According to the latest data from the GCC Statistical Center, the volume of remittances from GCC countries ranks first globally, followed by the United States in second place.
Statistics indicate that foreign worker remittances in GCC countries decreased by approximately half a billion dollars by the end of 2023 compared to 2022.
This decline is equivalent to 0.4%, while in 2021 and 2022, remittances had increased by 9.2% and 3.8%, respectively.
Impact of Foreign Worker Remittances on GDP
The share of these remittances in the GDP of GCC countries, based on current prices, was 8.1% in 2020.
This figure dropped to 6% in 2022, before seeing a slight increase to 6.2% in 2023.
📌 Conclusion
Despite the relative decline in remittances in 2023, the overall volume of financial transfers remains significant.This trend highlights the extensive economic impact of foreign labor migration in GCC countries, which could influence economic policies in the region in the coming years.
Source:
This information has been extracted from the following source:
131 billion dollars in funds transferred from GCC countries by foreign workers-
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