Saudi Arabia’s GDP Falls 1.7% in Q1 2024 Due to Oil Sector Decline
Saudi Arabia reported a 1.7% decrease in its real gross domestic product (GDP) for the first quarter of 2024, primarily attributed to an 11.2% decline in oil activities. The data, released by the Saudi General Authority for Statistics on Sunday, also showed a 1.4% increase in seasonally adjusted real GDP compared to the previous quarter.
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Despite the overall GDP drop, the report noted significant growth in non-oil sectors, which expanded by 3.4% year-on-year. Government activities also saw a rise of 2.0% over the same period.
Economic diversification remains central to Saudi Arabia’s Vision 2030, with non-oil activities now accounting for 50% of the GDP, underscoring the country’s progress toward a more diverse and resilient economy.
