
Saudi Arabia’s real gross domestic product (GDP) surged by 4.4% year-on-year in Q4 2024, marking its highest growth in two years, according to General Authority for Statistics (GASTAT) data. The Kingdom’s non-oil sector expanded by 4.6%, reflecting Vision 2030’s success in diversifying the economy. Meanwhile, oil activities rose by 3.4%, while government activities grew 2.2% annually.
Regional Growth Reflect Diversification Momentum
Saudi Arabia’s growth aligns with regional economic shifts as Middle Eastern nations prioritize diversification. The UAE expects 4% GDP growth in 2024. Bahrain and Qatar reported 2.1% and 2% year-on-year expansions in Q3, respectively. Qatar’s full-year GDP rose 1.7%, driven by a 1.9% non-hydrocarbon sector boost.
Seasonally adjusted real GDP increased by 0.3% in Q4 2024 compared to Q3, GASTAT stated. Non-oil activities climbed 1.3% quarterly, and government activities edged up 0.3%. However, oil activities declined by 1.5%, signaling short-term volatility amid OPEC+ output adjustments.
Annual GDP Growth Underscores Non-Oil Priorities
For 2024, Saudi Arabia’s GDP grew 1.3% annually, fueled by a 4.3% non-oil sector rise. Government activities expanded 2.6%, while oil activities contracted 4.5% due to OPEC+ production cuts. These trends highlight the Kingdom’s accelerating shift from hydrocarbon reliance.
The IMF projects Saudi growth at 3.3% in 2025 and 4.1% in 2026, citing global oil market dynamics. Mastercard Economics forecasts 3.7% GDP growth in 2025, driven by non-oil investments. Both reports emphasize Saudi Arabia’s fiscal strength in funding infrastructure and diversification projects under Vision 2030.
Vision 2030 Drives Sustainable Economic Transformation
Saudi Arabia continues prioritizing non-oil sector growth to ensure long-term resilience. Strategic investments in infrastructure and innovation aim to unlock new opportunities, reduce oil dependency, and sustain economic momentum. This aligns with global trends favoring diversified, knowledge-driven economies.