Saudi Arabia’s GDP records 1.3 percent growth in 2024
Date
1/30/2025 3:19:53 AM
(MENAFN) Saudi Arabia’s real GDP expanded by 1.3 percent in 2024, primarily driven by an increase in non-oil activities, according to a report released by the General Authority for Statistics on Thursday. The report highlighted that the growth is largely attributed to a 4.3 percent rise in non-oil sectors, while government-related activities recorded a growth of 2.6 percent. In contrast, oil activities experienced a contraction of 4.5 percent, which weighed on the overall economic performance but was offset by the expansion in other sectors.
During the fourth quarter of the previous year, the Kingdom’s GDP registered a year-on-year increase of 4.4 percent, marking the highest growth rate observed in the past two years. This acceleration was supported by broad-based growth across all key economic activities. Non-oil sectors, in particular, recorded an increase of 4.6 percent during this period, reflecting sustained momentum in industries outside the oil sector. Additionally, oil activities grew by 3.4 percent, while government activities expanded by 2.2 percent, contributing to the overall economic upswing.
On a quarter-on-quarter basis, seasonally adjusted real GDP posted a moderate increase of 0.3 percent compared to the third quarter of last year. Non-oil activities demonstrated solid growth, rising by 1.3 percent, while government-related activities saw a modest increase of 0.6 percent. However, oil activities declined by approximately 1.5 percent during the same period, reflecting fluctuations in the energy sector’s performance.
Despite the decline in oil-related activities, the Saudi economy continues to benefit from efforts to diversify its revenue sources and enhance non-oil industries.
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