The growth stemmed from a 4.3 percent rise in non-oil and a 2.6 percent increase in government activities.
The General Authority for Statistics (GASTAT) in Saudi Arabia has published the GDP report along with national accounts indicators for 2024 and the fourth quarter of 2024. The report reveals a 1.3 percent increase in real GDP in comparison to the prior year, with non-oil activities and government sectors witnessing growth rates of 4.3 percent and 2.6 percent, respectively. In contrast, oil activities experienced a decline of 4.5 percent.
Quarterly estimates indicate significant growth
When looking at quarterly estimates, real GDP experienced a substantial growth of 4.5 percent in the fourth quarter of 2024 when compared to the same quarter of the previous year. This upward trend can be attributed to robust performance across all sectors of the economy. Specifically, non-oil activities surged by 4.7 percent, oil activities saw an increase of 3.4 percent, and government activities grew by 2.2 percent year-on-year.
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Seasonally adjusted GDP shows steady progress
Additionally, the GASTAT report highlighted that seasonally adjusted real Q4 2024 GDP in Saudi Arabia increased by 0.5 percent compared to the third quarter of 2024.
