Saudi Arabia’s GDP Expands 1.3% in 2024, Boosted by Non-Oil Growth

KSA, 10 March, 2025 :  Saudi Arabia’s real GDP grew by 1.3% in 2024 compared to the previous year, primarily fueled by a 4.3% increase in non-oil activities and a 2.6% rise in government activities, according to the General Authority for Statistics (GASTAT). However, oil activities saw a decline of 4.5% during the same period.

In the fourth quarter of 2024, real GDP recorded a strong annual growth of 4.5%, supported by expansions across all major sectors. Non-oil activities grew by 4.7%, while oil activities and government activities increased by 3.4% and 2.2%, respectively. On a quarter-on-quarter basis, seasonally adjusted real GDP rose by 0.5% compared to Q3 2024, reflecting continued economic resilience.

The report highlighted that most sectors of the Saudi economy experienced positive growth throughout the year, in line with the objectives of Vision 2030, which aims to create a diversified and sustainable economic landscape.