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Saudi Arabia: Non-oil activities rise 3.4 percent in Q1 2024

[09/06/2024 02:12]

RIYADH-SABA
The General Domestic Production (GPD) in Saudi Arabia decreased with 1.7 percent compared to the first quarter of 2023, influenced by the retreat of oil businesses with 11.2

The General Authority for Statistics (GASTAT) released today its GDP and National Accounts First Quarter of 2024 report, where it revealed that real GDP decreased by 1.7% year-on-year. However, seasonally adjusted real GDP grew by 1.4% compared to the previous quarter.

According to the Saudi Press Agency (SPA) non-oil activities continued their upward trend, expanding by 3.4% year-on-year. Government activities also rose by 2.0% year-on-year. This diversification of the economy is a key pillar of Saudi Arabia's Vision 2030.

Non-oil activities now contribute a significant 50% of the GDP. This demonstrates the success of the vision's programs and reforms in fostering a more diverse and resilient economy, according to SPA.