In 2024, Saudi Arabia’s economy recorded a growth rate of 1.3 percent, buoyed by notable advancements in non-oil sectors even as the oil industry faced setbacks, according to data released by the General Authority for Statistics (GASTAT).

The fourth quarter of 2024 highlighted a robust economic performance, with the gross domestic product (GDP) expanding by 4.5 percent year-on-year, marking the highest quarterly growth in two years.

This quarterly increase was primarily driven by a 4.7 percent rise in non-oil activities, complemented by a 3.4 percent growth in oil-related activities, despite a 1.5 percent decline in overall oil sector output compared to the previous quarter.

These results are consistent with GASTAT’s January projections, which had estimated a 4.4 percent annual growth rate for the fourth quarter of 2024. Earlier flash estimates indicated non-oil activities grew 4.6 percent year-on-year for the final quarter of the year, indicative of the Kingdom’s continuing efforts toward economic diversification.

The wholesale and retail trade, along with restaurants and hotels, emerged as the fastest-growing sectors, with a year-on-year increase of 6.4 percent.

Financial services, insurance, and business services followed, registering a growth of 5.7 percent.

Additionally, the electricity, gas, and water sectors grew by 4.9 percent, while transport, storage, communication, and other mining activities rose by 4.5 percent.

In contrast, crude oil and natural gas activities experienced a significant decline of 6.4 percent.

At current prices, Saudi Arabia’s GDP for 2024 reached SR4.07 trillion (approximately $1.09 trillion).

Contributions to this figure included 22.3 percent from crude oil and natural gas, 16.2 percent from government activities, and 10.3 percent from wholesale and retail trade, restaurants, and hotels.

Manufacturing, excluding petroleum refining, formed 9.1 percent of GDP, whereas real estate activities accounted for 6.5 percent.

During the final quarter, petroleum refining displayed notable growth, surging 15.3 percent year-on-year despite a quarter-over-quarter decline of 2.2 percent.

The electricity, gas, and water sectors increased at an annual rate of 7.4 percent, with a quarterly growth of 2.7 percent.

Other mining and quarrying activities saw a year-on-year expansion of 7 percent and a quarter-on-quarter increase of 3.4 percent.

On the expenditure front, private final consumption registered a 3.9 percent annual increase and a 0.3 percent quarterly rise.

Conversely, gross fixed capital formation decreased by 2.2 percent year on year and 4.6 percent quarter over quarter, while government final consumption expenditure fell by 6.6 percent and 6.4 percent, respectively.

Exports for the year showed an annual increase of 5.2 percent and a quarterly rise of 6.9 percent.

Imports also rose significantly, by 11.5 percent annually and 7.8 percent quarter over quarter.

In the fourth quarter of 2024, Saudi Arabia’s GDP was recorded at SR1.025 trillion, with crude oil and natural gas activities contributing 19.7 percent, government activities 16.7 percent, and wholesale and retail trade, restaurants, and hotels 10.6 percent.

Manufacturing, excluding petroleum refining, comprised 9.2 percent of the overall GDP.

These developments illustrate Saudi Arabia's economic performance amid ongoing efforts toward diversification, highlighting the increasing significance of non-oil sectors in the face of oil market fluctuations.