Saudi Arabia Reports 1.3% GDP Growth In 2024 Driven By Non-Oil Sectors And Government Activities

The latest GDP and National Accounts Indicators Report for 2024 published by the General Authority for Statistics (GASTAT) on Sunday showcases an encouraging 1.3% growth in the Kingdom's real GDP from the previous year.

Essential to this growth is the notable expansion in non-oil sectors and government activities, which saw increases of 4.3% and 2.6% respectively. However, oil activities experienced a slight downturn, decreasing by 4.5%, according to Saudi Gazette reports.

A closer examination of the quarterly data reveals a 4.5% increase in real GDP in the fourth quarter of 2024 when compared to the same timeframe in 2023. This growth was evenly spread across all economic sectors, demonstrating a robust economy.

Specifically, non-oil activities advanced by 4.7%, oil activities by 3.4%, and government activities by 2.2% year-on-year. The consistent expansion across these diverse sectors is a positive indicator of the Kingdom's economic resilience and adaptability.

The report further illustrates a seasonally adjusted 0.5% rise in real GDP in Q4 2024 relative to Q3 2024, signifying sustained economic momentum. This steady growth across the latter part of the year is particularly noteworthy, as it reflects the ongoing success of various sectors in maintaining their upward trajectory.

This analysis of the Kingdom's economic performance in 2024 reveals a positive outlook, with most sectors enjoying growth. This aligns perfectly with the broader aims of Saudi Vision 2030, which seeks to cultivate a flourishing and diverse economy.

The report's findings underscore the significant strides made towards reducing reliance on oil and bolstering other areas of the economy. Through continued focus on these sectors, the Kingdom is well on its way to achieving its ambitious goals.