GCC Expat Workers Send Home $131.5 Billion in 2023: GCC Statistics Center
Expat workers in Gulf Cooperation Council (GCC) countries sent around $131.5 billion to their home countries in 2023, according to the latest data from the GCC Statistical Center, reported by the state-owned Emirates News Agency (WAM) on Sunday. Worker Remittances from GCC Countries
Money sent home by workers in GCC (Gulf Cooperation Council) countries slightly decreased by 0.4% in 2023 compared to the previous year. This small drop is equal to about $500 million, based on data from the GCC Statistical Center.
This decline comes after strong growth in the previous two years. In 2021, remittances grew by 9.2%, and in 2022, they increased by 3.8%.
When comparing remittances to the total size of the GCC’s economy (measured by gross domestic product or GDP at current prices), their share fell from 8.1% in 2020 to 6% in 2022. However, in 2023, this share slightly went up again to 6.2%.
Globally, GCC countries are the largest source of worker remittances, while the United States is in second place.
Remittances to the MENA Region
The money sent to the Middle East and North Africa (MENA) region dropped sharply by 15% in 2023, falling to $55 billion, according to the World Bank’s latest report on migration and development.
A big reason for this drop was the decrease in money sent to Egypt. In Egypt, differences between official and unofficial exchange rates led many people to use unofficial ways to send money, reducing the amount recorded.
Meanwhile, remittances to low and middle-income countries (LMICs) grew slightly by 0.7% in 2023, reaching a total of $656 billion. However, ongoing economic challenges continued to affect the growth of these money flows, the World Bank report said on Saturday.
Published: 17th March 2025
For more article like this please follow our social media Facebook, Linkedin & Instagram
Also Read:
S&P Upgrades Saudi Arabia to A+ as Vision 2030 Boosts Growth
How to Scale Your Fashion Business in a Competitive Market
Essential Tools for Managing Your Growing Business in 2025
