The General Authority for Statistics (GASTAT) released today the flash estimates of the real GDP growth rate for Q3 of 2024 on its official website. Accordingly, the real GDP during Q3 of 2024 achieved a growth rate of 2.8% compared to the same period of the previous year.

The flash estimates revealed that oil activities recorded a growth of 0.3% during Q3 of 2024 compared to the same period of the previous year, while non-oil activities achieved a positive growth rate of 4.2% compared to the same period of the previous year. Additionally, government activities recorded a positive growth rate of 3.1% compared to the same period of the previous year.
The report's results indicated that the seasonally adjusted real GDP during Q3 of 2024 increased by 0.8% compared to Q2 of 2024.

The General Authority for Statistics (GASTAT) released the Real Estate Price Index for Q3 2024, which reached 2.6% compared to the same quarter of the previous year, following the updated methodology for calculating the Real Estate Price Index in the Kingdom.
GASTAT clarified that the updated methodology for calculating the index will contribute to providing more comprehensive and high-quality data, supporting efforts to develop the real estate sector, and aligning with best statistical practices used in international benchmarks.
In this context, GASTAT attributed the change in the Real Estate Price Index for Q3 2024 to a 1.6% increase in residential property prices. Year-on-year, residential land prices increased by 1.6%, while apartment prices rose by 1.9%, and villa prices grew by 1.5%. In contrast, commercial property prices saw a significant rise of 6.4%, primarily due to a 6.3% increase in commercial land prices. Among various commercial properties, building prices climbed by 8.6%, while exhibition prices fell by 1.1%. On the other hand, the agricultural sector, particularly agricultural land, experienced a decline of 8.7%.
It is worth noting that the Real Estate Price Index Publication is a statistical tool to measure the relative change in real estate prices in Saudi Arabia. It results from electronic registration and documentation processes carried out by the Ministry of Justice, encompassing various variables in real estate transactions, including value, location, area, sector, and property type.

Under the patronage of His Excellency Majid bin Abdullah Alhoqail, Minister of Municipal and Housing Affairs, Dr. Fahad bin Abdullah Aldossari, President of the General Authority for Statistics, participated in a panel discussion titled "The Future of Real Estate: Advanced Management and Data Analysis." This session was held as part of the Global PropTech Summit in the capital, Riyadh, with the presence of a distinguished group of industry experts, investors, real estate developers, and leading global technology companies.
During his participation, Aldossari explained the role of the General Authority for Statistics in developing and enabling digital transformation, which has contributed to diversifying data sources to ensure the quality of statistical products and the comprehensiveness of indicators. These data sources include statistical surveys (field, telephone, and online), the utilization of administrative records, and other data sources such as satellite imagery and geospatial data. This approach has improved the efficiency of statistical operations and contributed to the quicker and more accurate production of high-quality statistical products.
In this context, Aldossari noted that through continuous planning and organizational development, we have successfully improved performance in the development of statistical products and indicators. He emphasized the importance of identifying needs and opportunities within the private sector related to statistical information and data. Furthermore, he highlighted the significance of collaborative efforts between GASTAT and private sector partners, which positively influences the success of joint initiatives. This collaboration supports the ongoing development and transformation of the General Authority for Statistics and takes advantage of advanced statistical programs and products that enhance commercial and investment opportunities in various sectors.
He added that in recent years, the scope of statistical work has expanded significantly, and the statistics sector in the Kingdom has undergone substantial transformations. This has been achieved through initiatives and statistical projects led by the General Authority for Statistics, aimed at producing statistical data and indicators. Additionally, there has been a continuous effort to integrate various data sources using the best data management and governance infrastructures, along with ongoing improvements in mechanisms for sharing statistical data.
It is worth noting that the Global PropTech Summit will take place over two days, October 27-28, 2024. This event serves as an innovative meeting point between technology and the real estate sector, with its themes closely aligned with Saudi Vision 2030 and its objectives related to the development of the real estate sector. The summit emphasizes the importance of establishing the Kingdom of Saudi Arabia as a leading center for modern real estate technology practices by adopting innovative activities in digital fields, data analysis, and virtual technologies for the future of the real estate sector.

The General Authority for Statistics announced today that the value of non-oil exports (including re-exports) during August 2024 reached 27.5 billion SAR, compared to 25.6 billion SAR in August 2023, marking an increase of 1.9 billion SAR, or 7.4%, according to the results of the international trade publication for August 2024.

The value of oil exports during August 2024 amounted to 65.3 billion SAR, compared to 77.3 billion SAR in August 2023, representing a decrease of 12.0 billion SAR, or 15.5%.

The results of the publication also showed a decline in merchandise exports during August 2024, which totaled 92.8 billion SAR, compared to 102.9 billion SAR in August 2023, a decrease of 10.1 billion SAR, or 9.8%.

Meanwhile, the value of merchandise imports of the Kingdom during August 2024 was 64.8 billion SAR, compared to 67.4 billion SAR in August 2023, reflecting a decrease of 2.6 billion SAR, or 3.9%.