01 May 2024

Saudi Arabia's GDP Decreased by 1.8 Percent in Q1 2024

International and Arabic

Riyadh, May 01 (QNA) - Saudi Arabia's real gross domestic product (GDP) decreased by 1.8 percent in the first quarter of 2024 compared to the same period of last year.

Estimates by the Saudi General Authority for Statistics (GASTAT) showed that a decline in oil activities continued to hurt overall growth.

Oil activities were down 10.6 percent, while non-oil GDP grew 2.8 percent and government activities increased 2.0 percent.

Seasonally adjusted growth increased by 1.3 percent from the previous quarter, driven by a 2.4 percent increase in oil activities and a 0.5 percent growth in non-oil activities, although government activities decreased by 1 percent.



Economy, Gulf
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