On Sunday June 9, 2024, the General Authority for Statistics (GASTAT) released the report of Gross Domestic Product (GDP) and National Accounts Indicators for the first quarter of 2024 via its official website www.stats.gov.sa. According to estimates, the real GDP witnessed a decrease of 1.7% compared to the first quarter of 2023, affected by a decline in oil activities by 11.2%.

In parallel, both non-oil activities and government activities achieved growth rates of 3.4% and 2.0% respectively. Meanwhile, the seasonally adjusted real GDP during the first quarter of 2024 increased by 1.4% compared to the fourth quarter of 2023.

It is worth mentioning that non-oil activities maintained their growth rates, constituting 50% of the GDP at current prices. This aligns with the objectives of Saudi Vision 2030, which seeks to establish a thriving economy that showcases the success of vision programs and legislative reforms, while also demonstrating progress in major projects and national strategies.