Riyadh: The Kingdom of Saudi Arabia’s real gross domestic product (GDP) for the fourth quarter (Q4) of 2024 achieved a growth rate of 4.4 percent compared to the same period in 2023.
This marks the highest growth rate in the last two years, driven by the main economic activities.
According to estimates from the General Authority for Statistics (GASTAT), the overall economy grew by 1.3 percent in 2024 compared to 2023, signaling a strong rebound after challenges in prior years.
This growth was driven largely by the non-oil sector, which saw a significant year-on-year increase of 4.6 percent in Q4 2024. The non-oil sector’s performance highlights Saudi Arabia’s successful efforts to diversify its economy and reduce reliance on oil exports, in line with the Kingdom’s Vision 2030 objectives.
Oil activities also contributed positively to the growth, rising by 3.4 percent compared to Q4 2023. Government activities also showed a healthy increase, with a 2.2 percent rise compared to the same period in the previous year.
Furthermore, when adjusted for seasonality, Saudi Arabia’s real GDP rose by 0.3 percent in Q4 2024 compared to the third quarter, suggesting consistent economic momentum and stability within the Kingdom.
This steady growth reinforces Saudi Arabia’s position as one of the leading economies in the Middle East.
