Saudi Arabia’s General Authority for Statistics announced that the non-oil activities expanded by 4.8% year on year in the third quarter of 2024.
The expansion was driven by a 5.8% noticeable growth in the wholesale and retail trade, and restaurant and hotel sectors in the third quarter compared to the same period in 2023.
Crucially, activities in the financial, insurance, and business services sectors witnessed a 5.7% year on year increase during the same period.
Currently, the Kingdom is accelerating the growth of non-oil sectors as part of 2030 Vision to cut oil dependency and diversify economy.
In November, the Kingdom announced that non-oil activities now contribute 52% to the Saudi gross domestic product.
The latest GASTAT report noted that construction activities increased by 4.6% in the third quarter.
Meanwhile, the transport, storage, and communication sector surged by 4.5% during the same period.
“Crude oil and natural gas activities achieved the highest contribution to the GDP at 22.8 percent, followed by government activities at 16.1 percent, and wholesale and retail trade, restaurants, and hotels activities with a contribution of 10.1 percent,” said GASTAT.
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