The real GDP of Saudi Arabia grows 1.3% in 2024

The General Authority for Statistics in Saudi Arabia announced the real GDP indicators for 2024, as the Saudi economy recorded 1.3% compared to the previous year. The data showed a disparity in the performance of the economic sectors, as the non -oil sector achieved remarkable growth, while the oil sector witnessed a decline.

According to the report, the local product of non -oil activities increased by 4.3%, reflecting the continued efforts to diversify the economy away from oil, in line with the targets of Saudi Vision 2030.

Government activities also recorded 2.6%growth, indicating the role of government investments in supporting the economy.

On the other hand, the oil sector was affected by a noticeable decrease of -4.5%, affected by the fluctuations of global oil prices and reduced production according to the OPEC+agreements.

Most economic activities have achieved positive growth rates during the year 2024, where the activities of wholesale and retail trade, restaurants and hotels recorded the highest growth rates by 6.4%, the activities of money, insurance and business services services achieved 5.7%, electricity, gas and water activities achieved 4.9%, and raw oil and natural gas activities witnessed a decrease of 6.4%.

The final consumer spending achieved a growth of 3.2%.

The value of the GDP at current prices reached 4,070 billion riyals, and the activities of crude oil and natural gas achieved the highest contribution rate of 22.3%, – government services activities by 16.2%, while wholesale and retail trade activities, restaurants and hotels achieved 10.3%.

Non -oil activities achieved a rise of 4.7% on an annual basis.

As for oil refining activities, it achieved the fourth quarter of the highest annual growth rates by 15.3%.