The General Authority for Statistics (Gastat) of Saudi Arabia has released its GDP and National Accounts First Quarter of 2024 report, where it revealed that real GDP decreased by 1.7% year-on-year, a report said.

However, seasonally adjusted real GDP grew by 1.4% compared to the previous quarter.

Citing Saudi Press Agency (SPA), Emirates News Agency said that 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 programmes and reforms in fostering a more diverse and resilient economy, the report said.