Saudi Press

Saudi Arabia and the world
Tuesday, May 28, 2024

Saudi economy grew 3.9% in Q1 led by non-oil activities: GASTAT 

Saudi economy grew 3.9% in Q1 led by non-oil activities: GASTAT 

Saudi Arabia’s real gross domestic product grew by 3.9 percent year-on-year in the first quarter of 2023 as non-oil activities picked up pace, data issued by the General Authority for Statistics showed.
Between January and March this year, the Kingdom’s activities in the non-oil sector, government services, and oil industry increased by 5.8 percent, 4.9 percent, and 1.3 percent, respectively.

The positive trend also continued in April. The latest Riyad Bank Saudi Arabia Purchasing Managers’ Index report, formerly known as the S&P Global Saudi Arabia PMI, revealed that the Kingdom’s PMI went up to 59.6 in April from 58.7 in March. This is fractionally lower than the eight-year peak in February when the metric hit 59.8.

However, the GASTAT report further revealed that the seasonally adjusted real GDP decreased by 1.3 percent in the first quarter of 2023 compared to the previous quarter.

This drop was due to a decline in oil activities by 4.8 percent, while the non-oil sector and government services activities grew by 1.5 percent and 1.1 percent, respectively.

The real GDP in the first quarter also slipped compared to the annual 5.4 percent growth registered between October and December of 2022.

During the fourth quarter of last year, non-oil and oil activities picked up 6.2 percent and 6.1 percent, respectively.

Government services activities inched up by 1.8 percent in the fourth quarter of the last year, compared to the same quarter in 2021.

Overall, Saudi Arabia’s economy advanced by 8.7 percent in 2022 as opposed to 3.2 percent in 2021, fueled by a 15.4 percent surge in oil activities.

Last month, the International Monetary Fund raised its expectations for the Kingdom’s growth this year by 0.5 percent to 3.1 percent, compared to 2.6 percent in January.

The fund, however, downgraded its projection for the Kingdom by about 0.3 percent to 3.1 percent for 2024, down from 3.4 percent in January.

In October, the IMF stated that Saudi Arabia would remain the fastest-expanding economy among the G20 countries, despite rising inflation and soaring interest rates.

On the global level, the fund expects economic growth to fall to 2.8 percent in 2023, down from 3.4 percent in 2022, due to the US Federal Reserve’s tightening monetary policy.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
UAE Digital Trade Expected to Grow Annually by 12.3%
Saudi Arabia’s Non-Oil Sector to Grow by 4.8% in 2024
US and UK to Reject ICJ Ruling on Israel's Rafah Offensive
World Court Orders Immediate Halt to Israeli Offensive in Gaza
Global Life Expectancy Dropped By 2 Years Due To COVID-19
US Refuses World Court Jurisdiction
Norway, Ireland, and Spain Recognize Palestinian State
Iran President Ebrahim Raisi's Death Alters Succession Dynamics
ICC Seeks Arrest Warrants for Israeli and Hamas Leaders
Death of Iran's President Raisi Stirs Succession Race for Supreme Leader
Saudi Arabia's Flourishing Venture Capital Sector Attracts International Investments
Saudi Aviation Sector Boosts Economy with $21 Billion Contribution
Blinken orders crackdown on Israel-Hamas leaks
Future Aviation Forum 2024 to Propel Saudi Arabia’s Vision 2030
What Happens If an Iranian President Dies in Office?
Iranian President Ebrahim Raisi Reportedly Killed in Helicopter Crash
Saudi Arabia Advances Procurement and Supply Chain Innovation
Saudi Arabia’s Holdings in US Treasuries Rise to $135.9 Billion
Saudi Arabia Emerges as a Hub for Sustainable Technology Manufacturing
UN General Assembly Approves Palestinian Membership Bid
Teens Forming Friendships with AI Chatbots
WhatsApp Rolls Out Major Redesign
Neuralink's First Brain Implant Experiences Issue
Apple Unveils New iPad Pro with M4 Chip, Misleading AI Claims
OpenAI to Announce Google Search Competitor
Apple Apologizes for Controversial iPad Pro Ad Featuring Instrument Destruction
FedEx Airlines Boeing 767 cargo plane lands on nose at Istanbul Airport
Apple Faces Significant Sales Decline Amid AI Integration Delay
Netanyahu's Firm Stance Amid Rafah Hostage Talks
BlackRock to Establish Saudi Investment Firm
Dubai's New Al Maktoum International Airport: World's Largest with ₹2900 Crores Investment, 5 Runways, and 260 Million Annual Capacity
New UK Laws: Banning Weak Passwords for Internet-Connected Devices to Enhance Cybersecurity
Blinken on Gaza: Ceasefire is Key to Humanitarian Crisis Resolution
UAE Prime Minister Announces $544M for Home Repairs after Historic Rains, Vows to Learn from Experience
Germany Sends New Frigate to Red Sea to Protect Ships Amid Houthi Attacks
Isfahan Explosions: US Media Reports Israel's Retaliatory Strikes on Iran
Four Dead, Dubai Airport Disrupted: UAE's Heaviest Rains in 75 Years Cause Flooding and Flight Chaos
Dubai's Historic Flooding: Homes Ruined, Airport Disrupted Due to Lack of Storm Drains
Meteorologist Warns of 'Weather Wars' Amid Debate over Dubai Rain and Cloud Seeding
Saudi Arabia Leads in Artificial Intelligence Development: Ranked First by Stanford University Index
Dubai's Airport and Roads Disrupted for Third Day Amid Heavy Rain and Flooding: 1,285 Flights Cancelled or Diverted
Doha Hamad Overtakes Singapore Changi as World's Best Airport in Skytrax Awards 2024
Dubai Airports: Stranded Tourists 'Living on Duty Free,' Desperate for Food and Water
Turkish President Erdogan to Host Hamas Leader Haniyeh Amidst Israel Tensions
BOEING WHISTLEBLOWER: THE MAX AIRPLANE IS NOT SAFE!!!
Creative menu of a Pizza restaurant..
Heavy Rains Cause Flooding in UAE and Oman: 18 Lives Lost
Look at this weather in Dubai. It looks like the end of days
You can be a very successful player, but a player with character is another level!
Come to Dubai, ya Habibi
×