Saudi Arabia’s Real GDP will Grow by 2.5% in 2024, Driven by non-Oil Activities, According to the World Bank.

Saudi Arabia’s Real GDP will Grow by 2.5% in 2024, Driven by non-Oil Activities, According to the World Bank.

RIYADH: Saudi Arabia’s real GDP is expected to grow by 2.5 percent in 2024, primarily due to strong non-oil private sector growth of 4.8 percent.

Similarly, the World Bank’s Spring 2024 Gulf Economic Update predicts that economic growth in the Gulf Cooperation Council region will rebound to 2.8% and 4.7% in 2024 and 2025, respectively.

With oil production quotas expected to be gradually lifted in the second half of 2024, the GCC’s oil GDP is expected to grow by 1.7% this year before accelerating sharply in 2025 to 6.9 percent.

Safaa El-Tayeb El-Kogali, the World Bank’s country director for the Gulf Cooperation Council, told Arab News that the growth was fueled by regional efforts to shift economies away from oil.

I have to point out here that the efforts to reform the economy and diversify it in all the countries of the GCC are reflected in the robust growth of the non-oil economy, which is expected to be 3.5 percent in 2024 and 3.6 percent in 2025,” the president stated.

However, she stated that the GCC region’s economy slowed in 2023, growing at an annual rate of 0.7 percent after a stellar 7.6 percent growth in 2022.

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