Saudi GDP expands by 4.4% in Q4 2024

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Saudi Arabia’s real gross domestic product (GDP) grew 4.4% in the last quarter of 2024 compared to Q4 2023, marking the highest growth rate in the last two years, according to the flash estimates of the General Authority for Statistics (GASTAT).

The GDP increase was spurred by the growth of key economic activities. Non-oil activities recorded a rise of 4.6% compared to Q4 2023, while oil activities grew by 3.4% year-on-year (YoY). Additionally, government activities increased by 2.2% compared to the same period of the previous year.

The Kingdom’s real GDP grew by 1.3% in 2024.

GASTAT attributed this increase to a 4.3% rise in non-oil activities, and 2.6% growth in government activities. On the other hand, oil activities declined by 4.5% YoY.

The quarterly GDP flash estimates have been released since Q3 2020. They provide data on the Saudi economy for decision makers.

Flash estimates are an assessment of the real growth rates shortly after the reference quarter ends, even when the data for that quarter is still incomplete.

Seasonally-Adjusted GDP Growth*
Period	QoQ with Seasonal Adjustment	YoY
Q1 2018	+1.8%	+2.4%
Q2 2018	+0.1%	+2.9%
Q3 2018	+1.0%	+3.1%
Q4 2018	+1.0%	+4.3%
Q1 2019	(0.8%)	+1.3%
Q2 2019	+0.7%	+1.6%
Q3 2019	(0.3%)	(0.9%)
Q4 2019	+1.0%	+0.6%
Q1 2020	(2.7%)	(0.8%)
Q2 2020	(4.0%)	(7.1%)
Q3 2020	+2.0%	(3.8%)
Q4 2020	+1.5%	(2.7%)
Q1 2021	+0.4%	+0.5%
Q2 2021	+1.6%	+5.1%
Q3 2021	+3.1%	+6.3%
Q4 2021	+2.0%	+8.4%
Q1 2022	+2.2%	+7.5%
Q2 2022	+1.2%	+9.1%
Q3 2022	+1.2%	+8.0%
Q4 2022	+1.5%	+5.6%
Q1 2023	(1.5%)	+3.2%
Q2 2023	--	+1.7%
Q3 2023	(2.3%)	(3.2%)
Q4 2023	(0.6%)	(4.3%)
Q1 2024	+1.4%	(1.7%)
Q2 2024	+1.4%	(0.3%)
Q3 2024	+0.8%	+2.8%
Q4 2024	+0.3%	+4.4%

*Data updated in line with GASTAT reports

The following table shows the third-quarter GDP breakdown:

GDP Growth rates in Q4 2024
Activities	QoQ with Seasonal Adjustment	YoY
Oil	(1.5%)	+3.4%
Non-Oil	+1.3%	+4.6%
Government	+0.6%	+2.2%
GDP	+0.3%	+4.4%

Economic Reports

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