Real GDP grew 2.7% y-o-y in 2024, according to updated figures (pdf) from the General Authority for Statistics (Gastat), with non-oil activity growing 6% y-o-y and government activities seeing 3.3% growth, offsetting a 4.5% decline in oil activity. This is up from its previous estimate of 1.3% growth previously recorded for the same year.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

REMEMBER- Gastat has recently updated its nominal and real GDP historical data over 2011-2024 as part of a revision project that looks to better capture the economic transformation taking place in the Kingdom with more detailed insights over the performance of key sectors in the economy. The revised methodology will align with global standards by assessing growth rates “based on the weights and prices of the year preceding the measurement year,” with the tracked number of economic activities jumping to 134.

Wholesale and retail trade, restaurants, and hotels activities grew at the fastest pace, climbing 6.4%, followed by financial services, ins., and business services activities, which saw a 5.7% increase. Electricity, gas, and water followed with a 4.9% rise, while crude oil and natural gas activities fell 6.4%.

Sector breakdown: Crude oil and natural gas has the highest share of GDP at 19.7%, followed by government activities at 16.7%, and wholesale and retail activities which accounted for 10.6% of total GDP. Finance, ins., and business services holds a 7% share, while real estate holds a 6.8% share. Construction activity and transport, storage, and communication each account for 5.8% of GDP.

Tags: