Saudi Economy Surges with 1.3% Growth in 2024, Marking Highest Quarterly Increase in Two Years

The General Authority for Statistics released a report today on the Gross Domestic Product (GDP) and national accounts indicators for the year 2024 and the fourth quarter of 2024.

According to the report, the real GDP grew by 1.3% in 2024 compared to the previous year. Non-oil activities and government activities saw increases of 4.3% and 2.6% respectively, while oil activities decreased by 4.5%.

In terms of quarterly estimates, the real GDP increased by 4.5% during the fourth quarter of 2024 compared to the same quarter the previous year. This growth is attributed to economic activities across the board, with non-oil activities growing by 4.7%, oil activities by 3.4%, and government activities by 2.2% on an annual basis.

The report also stated that the seasonally adjusted real GDP achieved a growth rate of 0.5% in the fourth quarter of 2024 compared to the third quarter of the same year.

Most economic activities experienced positive growth rates in 2024, aligning with the goals of Saudi Vision 2030. This aims to build a thriving economy reflecting the success of Vision programs, legislative reforms, and progress in major projects and national strategies.