In the second quarter of 2024, Saudi Arabia’s non-oil economic activities grew by 4.9 percent year over year, exceeding estimates released in late July by 4.4 percent. Based on data from the General Authority for Statistics (GASTAT), this growth rate is the highest in the past year. In Q1 of 2024, it was 3.4%; in Q4 and Q3 of 2023, it was 4.2 and 3.2 percent, respectively.
According to the GASTAT report, the seasonally adjusted real GDP increased 1.4 percent in the second quarter of 2024 compared to the first quarter. However, the 8.9 percent decline in oil activities during the second quarter of 2024 caused a 0.3 percent decrease in the real GDP compared to the same period in 2023.
The growth in non-oil activities was 2.1 percent quarter over quarter and 4.9 percent year over year. On the other hand, while oil activity performance increased by 0.9 percent quarterly, it shrank by 8.9 percent annually, against estimates of 8.5 percent in July. The report noted that government activities grew by 2.3 percent quarterly and 3.6 percent annually. As per GASTAT, the year-over-year growth in electricity, gas, and water activities was 8.9 per cent, whereas the growth in wholesale and retail trade, restaurants, and hotels was 6.8 per cent.
Also Read:
Real Estate Loans from Saudi Banks Total $218 Billion, Owing to a 12% Yearly Rise
Saudi Arabia will Hold an Exhibition of Contemporary Chinese Art
