ALBAWABA - The General Authority for Statistics (GASTAT) reported that Saudi Arabia's real gross domestic product increased by 1.4 percent in the first quarter of 2024 over the previous quarter. Non-oil activities also increased by 0.9 percent in the initial three months of the year in contrast to the previous quarter.
As the kingdom strives for its Saudi 2030 goal to diversify the economy, GASTAT also reported that non-oil activities increased by 3.4 percent year-over-year in the first quarter of 2024, with Saudi Arabia's GDP totaling SR1.01 trillion ($270 billion) in the first quarter.
“Crude oil and natural gas activities achieved the highest contribution to GDP by 23.4 percent, followed by government activities at 15.8 percent, and then wholesale and retail trade, restaurants, and hotels activities with a contribution of 10.4 percent,” the report reads.
While government operations decreased by 1.1 percent on a quarter-by-quarter basis in the first quarter, and rose by 2 percent year over year in the Kingdom, the GDP of the Kingdom fell by 1.7 percent in the first quarter in contrast to the same time in the previous year.
However, due to Saudi Arabia's reduction in crude output in accordance with the agreement of the Organization of the Petroleum Exporting Countries and its allies, or OPEC+, oil operations fell by 11.2 percent year over year.
