Seasonally adjusted real Saudi GDP increased by 1.3% in the first quarter of 2024 compared to the fourth quarter of 2023, according to flash estimates by the General Authority for Statistics (GASTAT).
This significant growth was driven by a 2.4% increase in oil activities and a 0.5% growth in non-oil activities.
Oil activities include crude oil production, natural gas extraction, and refining activities. Non-oil activities encompass all economic activities excluding oil-related activities and government activities.
According to the statement, the growth rate of non-oil activities increased by 2.8% during the first quarter of 2024, compared to Q1 of 2023.
The growth rate of non-oil activities increased by 0.5%, on a seasonal basis, compared to the fourth quarter of 2023, while government activities declined by 1.0%.
Saudi Arabia’s economy has reached a key economic milestone as the non-oil sector activities comprised 50 per cent of the country’s real GDP in 2023. This was the highest share ever recorded in the country’s economic activity.
The growth in non-oil activities during 2023 is significant due to its diversity and momentum across various sectors. Social services, including healthcare, education, and entertainment, increased by 10.8%, followed by transportation and communication (3.7%) and trade, restaurants, and hotels (7%).
These growth rates in non-oil activities align with Saudi Vision 2030 aimed at achieving a diversified economy through diversified growth drivers. They also highlight the Kingdom’s success in implementing key programs and projects outlined in the vision to position the Kingdom as a pioneering diversified economic destination.
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