Saudi Arabia’s Real GDP Grows 4.4% in Q4 2024, Strong Performance Across Key Sectors

KSA, 3 March, 2025 : Saudi Arabia's real GDP expanded by 4.4% year-on-year in Q4 2024, marking its strongest growth in two years. The increase was driven by a 4.6% rise in non-oil GDP, while oil GDP grew by 3.4%, according to GASAT estimates.

The kingdom posted a budget deficit of SAR57.7 billion ($15.38 billion) in Q4, widening from SAR30.2 billion ($8.05 billion) in Q3. Government revenues fell 15.4% year-on-year to SAR302.9 billion, while expenditure dropped 8.7% to SAR360.5 billion, according to Al Rajhi Capital.

Non-oil exports rose 18.1% year-on-year in December, led by a 13.8% increase in chemical product exports. The non-oil private sector saw its strongest growth in a decade in January 2025, with the PMI reaching 60.5, driven by strong new orders and business activity. Cement sales increased 7.3% year-on-year to 5 million tons in January.

Consumer spending surged 11.1% year-on-year to SAR127 billion ($33.86 billion) in January, with e-commerce transactions jumping 44.6%. Jewellery (+24.7%) and clothing & footwear (+13.9%) saw the highest growth in POS transactions. The Consumer Price Index (CPI) rose 1.97% in January, primarily due to an 8.05% increase in rental costs.

Saudi oil production averaged 8.94 mbpd in January, slightly down from 8.95 mbpd in December, while crude oil exports declined by 60 kbd to 6.16 mbpd. Brent crude prices fell 2.8% on average in February amid global economic concerns.

Industrial activity remained strong, with the Index of Industrial Production (IIP) increasing 2.1% in December, led by a 6.3% rise in manufacturing. Credit growth remained solid in January, rising 14.7% year-on-year, mainly driven by corporate loans.