{"id":95109,"date":"2025-03-10T00:00:00","date_gmt":"2025-03-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/10\/real-gdp-grows-1-3-y-o-y-in-2024\/"},"modified":"2025-03-10T00:00:00","modified_gmt":"2025-03-10T00:00:00","slug":"real-gdp-grows-1-3-y-o-y-in-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/10\/real-gdp-grows-1-3-y-o-y-in-2024\/","title":{"rendered":"Real GDP grows 1.3% y-o-y in 2024"},"content":{"rendered":"

<\/strong>Saudi Arabia\u2019s GDP saw a 1.3% y-o-y increase in 2024<\/strong>, <\/strong>rebounding from a 0.8% contraction in 2023, on the back of a 4.3% increase in non-oil activities, according to figures from the General Authority of Statistics (Gastat) (pdf)<\/a>. Oil activities shrank 4.5% y-o-y, while government expenditure grew 2.6% over the same period. The latest estimates echo last month\u2019s<\/a> flash projections.<\/p>\n

Beating (almost) all forecasts: <\/strong>The full-year growth figure is an uptick from the Finance Ministry\u2019s 0.8%<\/a> growth forecast, after it revised down its initial forecast of 4.4%<\/a>. The figure was also higher than the World Bank\u2019s revised estimate of 1.1% in December<\/a>, and only 0.1 percentage point lower than the IMF\u2019s recently revised 1.4% clip<\/a>.<\/p>\n

A look at 4Q: <\/strong>Real GDP grew 4.5% y-o-y during the fourth quarter of the year to SAR 1.1 tn, driven by a 3.4% growth in oil activity, which accounts for the highest share of GDP at 19.7%. Non-oil activity also saw a 4.7% growth, while government expenditure increased 2.2% y-o-y.<\/p>\n

REMEMBER- <\/strong>Real GDP grew 2.8% y-o-y in 3Q 2024<\/a>, snapping a four-quarter downward<\/a>trend<\/a>.<\/p>\n

On a quarterly basis:<\/strong> Seasonally adjusted real GDP was up 0.3% q-o-q in 4Q, supported by an increase of 1.3% in non-oil activities and a 0.6% increase in government activities by 0.6%. Meanwhile, quarterly growth was partly offset by a 1.5% drop in oil activities.<\/p>\n

LOOKING AHEAD-<\/strong> The IMF and the World Bank slashed the Kingdom\u2019s 2025 growth projections to 3.2% and 3.4% respectively, citing extended Opec+ production cuts. Meanwhile, NBK forecasts<\/a> our non-oil GDP to grow more than 4.0% in 2025, \u201cunderpinned by a strong investment drive, reform progress, rising FDI and employment, and promising momentum in strategic sectors such as tourism, manufacturing, and transport\/logistics.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Driven by a 4.3% increase in non-oil activities and a 2.6% growth in gov\u2019t activities<\/p>\n","protected":false},"author":1,"featured_media":95110,"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":[27,10,210,335,1556],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-gastat","tag-gdp","tag-oil-gas","wpautop","entry"],"acf":{"mongo_id":"35ff656f-e516-4482-b4a9-bd4c2629eb38","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/3\/695.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Real GDP grows 1.3% y-o-y in 2024","related_issue":[95104],"teaser":"Driven by a 4.3% increase in non-oil activities and a 2.6% growth in gov\u2019t activities","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.10f791cd-d8a0-4ce1-a2bc-3dd937ba6184.mp3"},"yoast_head":"\nReal GDP grows 1.3% y-o-y in 2024 - 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