Saudi Arabia's GDP Grows 1.4% in Q1 2024: GASTAT
Saudi Arabia's GDP grew by 1.4 percent in Q1 2024, with non-oil activities rising by 0.9 percent quarter-on-quarter and 3.4 percent year-on-year. The country's GDP amounted to one dollar 270 billion, with significant contributions from crude oil, government, and retail sectors. Despite an overall GDP decline of 1.7 percent year-on-year, the International Monetary Fund and World Bank project future growth for the Kingdom.
Official data from the General Authority for Statistics (GASTAT) shows that Saudi Arabia's real GDP grew by 1.4 percent in the first quarter of 2024 compared to the previous quarter.
The Kingdom's non-oil activities also rose by 0.9 percent quarter-on-quarter and by 3.4 percent year-on-year.
Saudi Arabia's GDP amounted to SR1.01 trillion (one dollar 270 billion) in Q1 2024, with crude oil and natural gas activities contributing 23.4 percent, government activities 15.8 percent, and wholesale and retail trade, restaurants, and hotels 10.4 percent.
Year-on-year, the GDP overall showed a decline of 1.7 percent.
Government activities increased by 2 percent year-on-year but declined by 1.1 percent against the last quarter.
Oil production increased by 1.7 percent quarter-on-quarter but dipped by 11.2 percent year-on-year due to Saudi Arabia’s reduction in crude production aligned with OPEC+ agreements.
Saudi Arabia cut its oil output by 500,000 barrels per day in April 2023, extending this cut until December 2024.
The International Monetary Fund has projected Saudi Arabia’s economy to grow by 2.6 percent in 2024 and 6 percent in 2025.
The World Bank increased its 2025 growth forecast for the Kingdom from 4.2 percent to 5.9 percent.
The Kingdom's non-oil activities also rose by 0.9 percent quarter-on-quarter and by 3.4 percent year-on-year.
Saudi Arabia's GDP amounted to SR1.01 trillion (one dollar 270 billion) in Q1 2024, with crude oil and natural gas activities contributing 23.4 percent, government activities 15.8 percent, and wholesale and retail trade, restaurants, and hotels 10.4 percent.
Year-on-year, the GDP overall showed a decline of 1.7 percent.
Government activities increased by 2 percent year-on-year but declined by 1.1 percent against the last quarter.
Oil production increased by 1.7 percent quarter-on-quarter but dipped by 11.2 percent year-on-year due to Saudi Arabia’s reduction in crude production aligned with OPEC+ agreements.
Saudi Arabia cut its oil output by 500,000 barrels per day in April 2023, extending this cut until December 2024.
The International Monetary Fund has projected Saudi Arabia’s economy to grow by 2.6 percent in 2024 and 6 percent in 2025.
The World Bank increased its 2025 growth forecast for the Kingdom from 4.2 percent to 5.9 percent.
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