{"id":91125,"date":"2024-11-03T00:00:00","date_gmt":"2024-11-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/03\/gdp-rebounds-after-four-month-rut\/"},"modified":"2024-11-03T00:00:00","modified_gmt":"2024-11-03T00:00:00","slug":"gdp-rebounds-after-four-month-rut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/03\/gdp-rebounds-after-four-month-rut\/","title":{"rendered":"GDP rebounds after four-month rut"},"content":{"rendered":"

The Kingdom\u2019s<\/strong> real GDP grew 2.8% y-o-y 3Q 2024, breaking a four-quarter<\/strong> downward trend<\/a><\/strong>, according to flash estimates (pdf)<\/a> by the General Authority of Statistics (Gastat). Final figures are slated for release on Sunday, 8 December, as per Gastat\u2019s website<\/a>. The story got ink from Reuters<\/a> and Bloomberg<\/a>. <\/p>\n

Driving the growth: <\/strong>The rebound came on the back of a 4.2% y-o-y increase in non-oil activities, a 3.1% increase in government activity, and a 0.3% uptick in oil activities. Oil activity accounts for c. 40% of GDP and about 75% of government revenues.<\/p>\n

On a quarterly basis: <\/strong>Seasonally adjusted real GDP grew 0.8% q-o-q, driven by a 1.3% increase in oil activities and a 0.5% increase in non-oil activities during the period. The quarterly growth was partly offset by a 0.3% decline in government activity. <\/p>\n

The recovery in Saudi\u2019s real GDP growth is attributed to growth in the non-oil sector<\/strong>, while oil cuts\u2019 effects taper off, Bloomberg said. Opec+ had initially planned to begin phasing out supply cuts by December<\/a>, but weak markets may see that date pushed forward<\/a>. Meanwhile, a lack of discipline with production caps in the global cartel could push Saudi Arabia and other Opec+ members to abandon oil cuts altogether<\/a> <\/p>\n

Forecasts for economic growth in Saudi have trended down all year<\/strong>, with the Finance Ministry recently downgrading its yearly forecast to a 0.8% growth clip<\/a> after government officials initially penciled in 4.5-5.0% growth<\/a> for the year in January. The World Bank also slashed its estimate to 2.5%<\/a> in April \u2014 which it maintained in June<\/a> \u2014 after citing a 4.1% figure earlier in the year. Meanwhile, the IMF cut back an earlier 4% estimate to 2.7% in January<\/a>, before slashing it again to 2.6% in April<\/a>, and finally to 1.7% in July<\/a>. <\/p>\n

Saudi\u2019s Vision 2030 is full steam ahead despite regional turbulence:<\/strong> Challenges in the geopolitical landscape are pushing the Kingdom to push \u201cmore steadfastly\u201d with diversification plans, Economy Minister Faisal Al Ibrahim told CNBC on the sidelines of FII (watch, runtime: 0:40<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"

Non-oil activity led growth at 4.2%<\/p>\n","protected":false},"author":1,"featured_media":91126,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2571],"tags":[27,10,335,1433,1365],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-gdp","tag-general-authority-for-statistics-gastat","tag-non-oil-economy","wpautop","entry"],"acf":{"mongo_id":"13038437-0b1d-4fee-98aa-6debb612ba8b","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2181.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi GDP rises 2.8% in 3Q 2024, breaking a four-quarter downward slide","related_issue":[91120],"teaser":"Non-oil activity led growth at 4.2%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.3fcb551f-273e-40bd-bf28-bb3bfb74db62.mp3"},"yoast_head":"\nGDP rebounds after four-month rut - 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