The Saudi General Authority for Statistics (GASTAT) revealed in its GDP and National Accounts First Quarter of 2024 report released Sunday that real GDP decreased by 1.7% year-on-year. However, seasonally adjusted real GDP grew by 1.4% compared to the previous quarter.
According to the report, non-oil activities continued their upward trend, expanding by 3.4% year-on-year. Government activities also rose by 2.0% year-on-year. This diversification of the economy is a key pillar of Saudi Arabia’s Vision 2030.
Non-oil activities now contribute a significant 50% of the GDP. This demonstrates the success of the vision’s programs and reforms in fostering a more diverse and resilient economy.
Source: Qatar News Agency