Economy Update: Saudi Economic Growth
In the fourth quarter of 2024, the Saudi economy marked a significant turnaround, achieving a growth rate of 4.5%. This represents the highest growth recorded in two years, contrasting sharply with a contraction of 4.3% noted in the same quarter of 2023.
For the entirety of 2024, the Saudi economy reflected an overall growth of 1.3%, rebounding from a contraction of 0.8% in 2023.
In terms of sector performance, government activities grew by 2.6% in 2024, while non-oil sectors saw a substantial increase of 4.3%. In contrast, oil-related activities experienced a decline of 4.5%.
The gross domestic product (GDP) at current prices reached approximately 4 trillion riyals in 2024. Among various economic sectors, crude oil and natural gas activities contributed the most significant share, accounting for 22.3% of the economy. This was followed by government services at 16.2%, wholesale and retail trade, including restaurants and hotels at 10.3%, and real estate activities, which contributed 6%.
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