Why did Saudi GDP decline in 2024?

MENA

Published: 2024-06-09 16:06

Last Updated: 2024-07-14 03:44


Illustrative photo
Illustrative photo

The decline was due to a 11.2% drop in oil activities. Non-oil activities grew by 3.4%.

The Saudi General Authority for Statistics released the GDP report and national accounts indicators for Q1 2024.

The report showed a 1.7% decrease in real GDP compared to Q1 2023, attributed to an 11.2% decline in oil activities.

Conversely, non-oil activities grew by 3.4%, and government activities increased by 2.0%. Seasonally adjusted real GDP for Q1 2024 rose by 1.4% compared to Q4 2023, according to the Saudi Press Agency (SPA) on Sunday.

It's noteworthy that non-oil activities continued to grow, contributing 50% to the GDP at current prices.