Saudi Arabia’s non-oil activities expanded by 4.9% year-on-year in the second quarter of 2024, according to data from the General Authority for Statistics (GASTAT) and published by Arab News.
The financial, insurance, and business services sectors were the key drivers of this trend, surging by 7.1% between April and June 2024, compared to the same period last year.
Quarter-on-quarter, non-oil activities rose by 2.1%, reflecting the Kingdom’s ongoing efforts to diversify its economic base. This growth is in line with Saudi Arabia’s Vision 2030, a strategic plan aimed at reducing the country’s dependence on oil revenues.
The report also indicated that Saudi Arabia’s seasonally adjusted gross domestic product (GDP) increased by 1.4% in the second quarter compared to the first. However, the GDP saw a slight year-on-year decline of 0.3%, largely due to an 8.9% drop in oil activities following the Kingdom’s decision to extend additional oil production cuts, in line with OPEC+ agreements.
The report also highlighted that government final consumption expenditure rose by 10.9% year-on-year and 4.3% quarter-on-quarter. During Q2 2024, gross fixed capital formation increased by 3.2% compared to the same period last year.
