Saudi Arabia’s real GDP decreased by 1.7% year-on-year in Q1 2024, but seasonally adjusted real GDP grew by 1.4% compared to the previous quarter, according to the General Authority for Statistics (GASTAT).
Non-oil activities increased by 3.4% year-on-year, while government activities rose by 2.0%. Non-oil activities now make up 50% of the GDP, reflecting the success of Vision 2030’s economic diversification efforts.
GDP at current prices amounted to SAR 1.01 trillion in the first quarter of 2024. Crude oil and natural gas activities contributed the highest to GDP, 23.4%, followed by government activities, 15.8%, and then wholesale and retail trade, restaurants, and hotels, 10.4%.
