According to government figures, non-oil activities contributed to Saudi Arabia’s seasonally adjusted real gross domestic product growing by 1.4 percent in the second quarter of 2024 compared to the preceding three months.
The General Authority for Statistics reports that from April to June, the Kingdom’s oil activities increased by 1.3 percent on a quarter-over-quarter basis, while non-oil operations grew by 1.4 percent.
According to the data, the second quarter of this year saw a 3.2% increase in government activities over the preceding three months.
As Saudi Arabia starts on an economic diversification path to lessen its reliance on crude revenue, it is imperative that it strengthens the non-oil sector. Building a more robust economy that can tolerate changes in the world oil market and guarantee sustainable growth in the future requires this shift.
Saudi Arabia’s Minister of Planning and Economy, Faisal Al-Ibrahim, announced in March that non-oil economic activity would account for 50% of the Kingdom’s GDP in 2023—the greatest percentage ever.
The survey also noted that, as a result of an 8.5 percent drop in oil operations, the Kingdom’s GDP shrank by 0.4 percent in the second quarter when compared to the same period the previous year.
Also Read:
Saudi Cabinet Meeting Commends Kingdom’s Bid for the FIFA World Cup in 2034
MODON Enters into $266 Million Contracts with Businesses to Upgrade their Industrial Infrastructure
