Saudi Arabia's Non-Oil GDP Grows 4.9% in Q2 2024

KSA, 9 September, 2024 : Saudi Arabia's real GDP fell by 0.3% in the second quarter of 2024 compared to the same period in 2023, though it grew by 1.4% from the previous quarter, according to the General Authority for Statistics (GASTAT). 

Non-oil activities saw a 4.9% year-on-year increase and a 2.1% quarter-on-quarter rise. Government activities grew by 3.6% year-on-year and 2.3% quarter-on-quarter. Meanwhile, oil sector activities declined by 8.9% year-on-year but increased by 0.9% from the previous quarter.

Government final consumption expenditure rose by 10.9% year-on-year and 4.3% quarter-on-quarter. Gross fixed capital formation increased by 3.2% year-on-year but fell by 4.5% from the previous quarter. Private consumption grew by 2.8% year-on-year and 1.0% quarter-on-quarter.

Imports and exports both experienced declines, with imports down 0.9% year-on-year and 1.7% quarter-on-quarter, and exports falling by 5.8% year-on-year and 0.6% quarter-on-quarter. 

Electricity, gas, and water activities reported the highest growth at 8.9% year-on-year, while financial services, insurance, and business services grew by 7.1% year-on-year. The wholesale and retail trade sector increased by 6.8% year-on-year.

Source : www.zawya.com