Saudi Arabia’s GDP grows 1.3% in 2024, driven by non-oil sector

GDP growth surged 4.4 percent in the fourth quarter versus the same period a year earlier

Saudi Arabia’s economy rebounded in 2024, with real GDP growing by 1.3 percent year-on-year, according to preliminary government data released on Thursday. The expansion was driven by strong growth in non-oil sector activities.

In the fourth quarter, GDP surged by 4.4 percent compared to the same period in 2023, marking the highest quarterly growth rate in two years. Non-oil activity grew by 4.6 percent, according to estimates from the General Authority for Statistics.

Throughout 2024, non-oil growth significantly outpaced overall GDP, rising by 4.3 percent. Meanwhile, oil activities declined by 4.5 percent, while government activities saw a 2.6 percent increase.

In contrast, the Saudi economy contracted by 0.8 percent in 2023 due to oil production cuts and lower crude prices, which impacted growth in the world’s largest oil exporter.