GASTAT: Saudi Economy Grows by 1.3% in 2024, Highest Quarterly Growth in Two Years

The General Authority for Statistics (GASTAT) today released the GDP report and national accounts indicators for 2024 and the fourth quarter of 2024, showing a 1.3% growth in real GDP compared to the previous year, with non-oil and government activities increasing by 4.3% and 2.6%, respectively, while oil activities declined by 4.5%.
 In terms of quarterly estimates, real GDP grew by 4.5% in the fourth quarter of 2024 compared to the same quarter of the previous year. This growth was attributed to positive performance across all economic sectors. Non-oil activities increased by 4.7%, oil activities grew by 3.4%, and government activities rose by 2.2% year-on-year.
 The GASTAT report also noted that seasonally adjusted real GDP in the fourth quarter of 2024 grew by 0.5% compared to the third quarter of 2024.