{"id":92330,"date":"2024-12-09T00:00:00","date_gmt":"2024-12-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/09\/gdp-grows-2-8-in-3q-2024\/"},"modified":"2024-12-09T00:00:00","modified_gmt":"2024-12-09T00:00:00","slug":"gdp-grows-2-8-in-3q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/09\/gdp-grows-2-8-in-3q-2024\/","title":{"rendered":"GDP grows 2.8% in 3Q 2024"},"content":{"rendered":"

Saudi Arabia\u2019s real GDP grew 2.8% y-o-y in 3Q 2024<\/strong>, confirming flash<\/a>estimates<\/a> that came out in November, according to the latest revised estimates (pdf)<\/a> by the General Authority of Statistics (Gastat). <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Breaking a year-long downward slide: <\/strong>The GDP growth breaks a four-quarter long<\/a>downward trend<\/a>, which saw GDP shrink 0.3% y-o-y in 2Q 2024. It comes on the back of a 4.3% y-o-y increase in non-oil activities, 3.1% y-o-y growth in government activity, and a moderate 0.05% y-o-y 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 was up 0.9% q-o-q in 3Q, driven by a 1.2% increase in oil activities and a 0.7% increase in non-oil activities during the period. Meanwhile, quarterly growth was partly offset by a 0.3% decline in government activity.<\/p>\n

The non-oil sector in the driver\u2019s seat: <\/strong>The Kingdom looks set to continue banking on the<\/a>non-oil sector<\/a> for GDP growth in the near future, with Opec+ pushing back<\/a> production increases last week by a further three months to April 2025 as oil prices continue to fall. The Finance Ministry did not cite the oil sector as a key driver for the economy in its FY 2025 budget statement<\/a> due to unclear timelines for Opec+ production restarts. <\/p>\n

Forecasts for economic growth have trended down all year<\/strong>, with the Finance Ministry recently downgrading its 2024 growth forecast to 0.8%<\/a> down from its initial forecast of 4.4%<\/a>. The World Bank also slashed its estimate to 2.5%<\/a> in April \u2014 and again to 1.1% in December<\/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

Looking ahead: <\/strong>The Finance Ministry is targeting GDP growth of 4.6% for FY 2025 on the back of non-oil activities and private sector participation. <\/p>\n","protected":false},"excerpt":{"rendered":"

Non-oil activity led growth at 4.3%<\/p>\n","protected":false},"author":1,"featured_media":92331,"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":[27,10,335,2663,1365],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92330","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","tag-non-oil-economy","wpautop","entry"],"acf":{"mongo_id":"791914d6-330c-43bb-be02-c77d4ed722bc","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/778.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi GDP grows 2.8% in 3Q 2024, ending a four-quarter long downtrend","related_issue":[92326],"teaser":"Non-oil activity led growth at 4.3%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.3337c0b7-60cc-4a10-82a0-923733b299ce.mp3"},"yoast_head":"\nGDP grows 2.8% in 3Q 2024 - 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