Saudi Arabia’s real GDP increased by 2.8% in Q3 2024 compared to the same quarter in 2023, according to estimates from the General Authority for Statistics. Seasonally adjusted GDP also grew by 0.9% compared to Q2 2024, driven by significant growth in non-oil sectors.
Non-oil activities recorded an annual growth rate of 4.3% and 0.7% quarter-on-quarter, highlighting their role as key contributors to overall GDP. Government activities grew by 3.1% annually but contracted by 0.3% from the previous quarter. Oil activities showed marginal annual growth of 0.05%, with a 1.2% increase quarter-on-quarter.
Government final consumption expenditure rose by 6.2% annually but fell by 1.8% quarter-on-quarter. Private consumption expenditure grew by 3.9% year-on-year and 2.8% quarter-on-quarter. Gross fixed capital formation increased by 4.5% year-on-year and 0.9% quarter-on-quarter. Trade data revealed a 7.3% annual rise in imports alongside a 3.0% growth in exports year-on-year, though exports fell by 5.7% from the previous quarter.
Sectoral contributions
Among economic activities, wholesale and retail trade, restaurants and hotels led growth with a 5.8% annual increase and 1.9% quarter-on-quarter growth. The financial, insurance, and business services sectors followed closely, growing by 5.7% annually and 2.0% quarterly. Construction activities recorded a 4.6% annual rise and 0.9% quarter-on-quarter growth.
At current prices, Saudi Arabia’s GDP in Q3 2024 reached SAR 1.00 trillion. The crude oil and natural gas sector contributed 22.8% of GDP, followed by government activities at 16.1%, and wholesale and retail trade, restaurants, and hotels at 10.1%.
