The Saudi economy grows 1.3% in 2024 and achieves the highest quarterly growth rate in two years

The real local total of Saudi Arabia (the Saudi economy) achieved a growth of 1.3%, during the year 2024 compared to the previous year.
Today, the General Authority for Statistics issued the GDP report and the national account indicators for the year 2024 and for the fourth quarter of 2024.
According to the results of the bulletin, non -oil activities and government activities increased by 4.3 %and 2.6 %, respectively, while oil activities witnessed a decrease of 4.5 %.
Regarding the quarterly estimates, the real GDP achieved a rise during the fourth quarter of 2024 by 4.5 % compared to the same quarter of the previous year.
This is due to growth at the level of all economic activities, as non -oil activities achieved 4.7 %, while oil activities achieved a growth of 3.4 %, in addition to the growth of government activities by 2.2 %on an annual basis.
The results of the report stated that the real and seized real gross domestic product achieved during the fourth quarter of 2024 growth of 0.5 % compared to what it was in the third quarter 2024.
It is worth noting that most economic activities have achieved positive growth rates during the year 2024, keeping pace with the Saudi Vision 2030 targets to achieve a prosperous economy that reflects the success of vision programs and legislative reforms and expresses progress made in major projects and national strategies.