Saudi Economy Grows by 1.3% in 2024

Saudi GDP Growth of 1.3% in 2024: Non-Oil Sectors Drive Expansion

According to the 2024 Gross Domestic Product (GDP) report and National Accounts Indicators issued by the General Authority for Statistics, Saudi Arabia’s real GDP grew by 1.3% in 2024 compared to the previous year. Non-oil sectors and government activities saw increases of 4.3% and 2.6%, respectively, while oil-related activities experienced a decline of 4.5%.

Economic Performance in Q4 2024

In Q4 2024, real GDP grew by 4.5% compared to the same quarter in the previous year, driven by growth across all economic activities. Non-oil sectors grew by 4.7%, while oil-related activities saw growth of 3.4%, and government activities increased by 2.2% on a year-over-year basis.

Quarterly Growth Analysis

Seasonally adjusted real GDP showed a 0.5% growth in Q4 2024 compared to Q3 2024.

Positive Economic Outlook

The report indicates that most economic activities in Saudi Arabia achieved positive growth rates throughout 2024, aligning with the targets of Saudi Vision 2030. This growth reflects the success of the country’s legislative reforms and strategies, showcasing progress in major projects and national strategies aimed at fostering a sustainable and diversified economy.

For further details, refer to the annual reports by the General Authority for Statistics.