Crude oil and natural gas activities top contribution to Saudi economy with 22.8%

The Kingdom’s gross domestic product at current prices during the third quarter of this year amounted to 1.007 trillion riyals, as crude oil and natural gas activities recorded the highest contribution to the GDP of 22.8%, followed by government activities with 16.1%, while wholesale and retail trade, restaurants and hotels recorded a contribution of 10.1%.

Data issued by the General Authority for Statistics showed that manufacturing industries, excluding oil refining, recorded a contribution to the GDP of 8.3%, while real estate activities came in fifth with 6.5%, then financial services, insurance and business services came in sixth with 6.1%, while construction and building activities contributed 5.6%.

The oil refining activity came in eighth place with 5.6%, the transportation, storage and communications ninth place with 4.9%, then the social and personal collective services 3%, while the agriculture and forestry activity contributed 2.8%, the electricity, gas and water activity 2.1%, and finally other mining and quarrying activities with 0.4%.

The real GDP during the third quarter of 2024 recorded a growth of 2.8% compared to the same period of the previous year, supported by the growth of non-oil activities by 4.3% compared to the same period of the previous year.

The oil activities achieved a slight growth of 0.05% during the third quarter of 2024 compared to the same period of the previous year, and the government activities achieved a positive growth of 3.1% compared to the same period of the previous year.

The results of the bulletin showed that the seasonally adjusted real GDP increased during the third quarter of 2024 by 0.9% compared to what it was in the second quarter of the same year.