EqualOcean has learned that on March 9, Saudi Arabia’s General Authority for Statistics (GASTAT) released its 2024 GDP and National Accounts Indicators Report. According to the report, the country’s real GDP grew by 1.3% compared to 2023. The non-oil sector expanded by 4.7%, government activities rose by 2.2%, while oil activities declined by 4.5% due to OPEC+ production cuts.
On a quarterly basis, Saudi Arabia’s real GDP grew by 4.5% in the fourth quarter of 2024 compared to the same period in 2023, with all key economic sectors experiencing growth. Non-oil activities expanded by 4.7% year-on-year, oil activities increased by 3.4%, and government activities rose by 2.2%. After seasonal adjustments, real GDP in the fourth quarter of 2024 registered a 0.5% increase from the previous quarter, underscoring the economy’s sustained growth momentum.
Saudi Arabia’s broad-based economic expansion in 2024 aligns closely with the strategic goal of “building a sustainable and prosperous economy” outlined in Saudi Vision 2030. These figures underscore the success of reform initiatives under the Vision framework and mark a significant milestone in the nation’s economic diversification efforts.
In early January, the International Monetary Fund (IMF) projected that Saudi Arabia’s economy would expand by 3.3% in 2025 and 4.1% in 2026. A report from Mastercard Economics forecasts that, driven by the growth of the non-oil sector, Saudi Arabia’s GDP will rise by 3.7% year-on-year in 2025.
Picture source: GASTAT