RIYADH: According to official data, Saudi Arabia’s real gross domestic product grew by 4.4 percent annually in the fourth quarter of 2024, the most in the previous two years. The Kingdom’s non-oil activities increased by 4.6 percent year over year in the three months ending in December, according to flash estimates from the General Authority for Statistics. This growth reflects continuous attempts to diversify the economy.
According to the data, government activities increased by 2.2 percent in the fourth quarter, while oil activity increased by 3.4 percent. The GDP growth of Saudi Arabia is consistent with the general trend of economic diversification in the Middle East.
In the third quarter, Bahrain and Qatar recorded year-over-year expansions of 2.1 percent and 2 percent, respectively, while the central bank of the United Arab Emirates anticipates 4 percent GDP growth in 2024. The 1.9 percent increase in non-hydrocarbon activity was the main driver of Qatar’s 1.7 percent GDP growth for the entire year.
“The results also showed that seasonally adjusted real GDP increased by 0.3 percent in the fourth quarter of 2024 compared to the third quarter of the same year,” GASTAT said in reference to the Saudi data. As attempts to lessen reliance on oil earnings and promote sustainable economic growth continue, strengthening the non-oil sector continues to be a top priority under the Kingdom’s Vision 2030.
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