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" GASTAT " Saudi economy grows by 1.3% in 2024, achieving the highest quarterly growth rate in two years

09-03-2025

The General Authority for Statistics (GASTAT) issued today the Gross Domestic Product (GDP) report and National Accounts Indicators for 2024 and the fourth quarter of 2024. According to the results of the publication, the real GDP achieved a growth rate of 1.3% in 2024 compared to the previous year. Non-Oil Activities and Government Activities grew by 4.3% and 2.6%, respectively, while Oil Activities saw a decline of 4.5%.
In terms of quarterly estimates, the real GDP achieved a growth of 4.5% in the fourth quarter of 2024 compared to the same quarter of the previous year. This growth is attributed to the increase across all economic activities, with Non-Oil Activities growing by 4.7%, Oil Activities growing by 3.4%, and Government Activities growing by 2.2% year-on-year.
In the same context, the results of the report stated that during the fourth quarter of 2024, seasonally adjusted real GDP grew by 0.5% compared to the third quarter of 2024.
It is worth noting that most economic activities achieved positive growth rates in 2024, in line with the objectives of Saudi Vision 2030, which aims to achieve a prosperous economy. This reflects the success of the Vision's programs, legislative reforms, and the progress made in major projects and national strategies.

 

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