Finance & Capital Market

Saudi Arabia's non-oil activities grow 3.4% in Q1 2024

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.