Saudi Arabia’s economy grew by 2.8% in the third quarter of 2024, mainly due to the growth of its non-oil industries

Saudi Arabia’s economy grew by 2.8% in the third quarter of 2024, mainly due to the growth of its non-oil industries

Saudi Arabia’s economy grew by 2.8% in the third quarter of 2024 compared to the same time in 2023, mainly because of strong growth in non-oil activities, according to estimates from the General Authority for Statistics (GASTAT) shared on Sunday.

GDP Growth

Saudi Arabia’s economy grew by 0.9% in the third quarter of 2024 compared to the previous quarter.

The country’s GDP, measured at current prices, reached $266.2 billion (1 trillion SAR) during this period. The main contributors to the economy were crude oil and natural gas activities (22.8%), government services (16.1%), and wholesale and retail trade, restaurants, and hotels (10.1%).

Government spending increased by 6.2% compared to the same period last year but dropped by 1.8% from the previous quarter. Private spending went up by 3.9% year-on-year and 2.8% quarter-on-quarter. Investment in infrastructure and equipment rose by 4.5% annually and 0.9% quarterly.

Trade showed mixed results. Imports grew by 7.3% year-on-year and 3.8% from the previous quarter, while exports increased by 3% annually but fell by 5.7% compared to the previous quarter.

Non-oil activity

Saudi Arabia’s non-oil sectors grew by 4.3% compared to last year and 0.7% from the previous quarter. This shows the country’s ongoing efforts to reduce its dependence on oil as part of its Vision 2030 plan.

Government activities increased by 3.1% compared to the same quarter last year, but fell slightly by 0.3% from the last quarter. Oil-related activities had small growth of 0.05% year-on-year and a stronger increase of 1.2% from the previous quarter.

Most sectors in Saudi Arabia showed positive growth. Wholesale and retail trade, along with restaurants and hotels, had the highest annual growth of 5.8%. These sectors also grew by 1.9% from the last quarter. The financial, insurance, and business services sectors had a 5.7% increase compared to last year and a 2.0% increase from the previous quarter. Construction grew by 4.6% year-on-year and 0.9% from the last quarter, supporting the growth of non-oil sectors.

Published: 9th December 2024

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