Saudi Gazette Report

RIYADH — The General Authority for Statistics (GASTAT) released the GDP report and national accounts indicators for the first quarter of 2024, revealing that the real GDP decreased by 1.7% compared to the first quarter of 2023, primarily due to an 11.2% decline in oil activities.

According to the report, both non-oil and government activities achieved growth of 3.4% and 2.0%, respectively.

Additionally, the seasonally adjusted real gross domestic product during the first quarter of 2024 increased by 1.4% compared to the fourth quarter of 2023. This diversification of the economy is a key pillar of Saudi Arabia's Vision 2030.

It is noteworthy that non-oil activities continued to achieve growth and now contribute 50% of the volume of gross domestic product at current prices.