Saudi Gross Domestic Product decreased by 1.7% during Q1/2024, Non-oil activities grew by 3.4%

According to estimates by the General Authority for Statistics, the real GDP decreased by 1.7% in Q1/2024 compared to the same quarter of 2023, while the seasonally adjusted real GDP achieved a growth of 1.4% compared to the previous quarter Q4/2023.

Non-oil activities increased by 3.4% Y-o-Y and 0.9% Q-o-Q. Government activities grew by 2.0% Y-o-Y while declined by 1.1% Q-o-Q. Meanwhile, Oil activities decreased by 11.2% Y-o-Y while achieved an increase of 1.7% Q-o-Q.

Real GDP by economic activities:

Most economic activities achieved positive growth rates on an annual basis.

Wholesale and retail trade, restaurants, and hotels activities achieved the highest growth rates during the first quarter of 2024, reaching 5.9% Y-o-Y and 2.1% Q-o-Q, followed by transportation, storage, and communication activities which grew by 5.0% Y-o-Y and 0.2% Q-o-Q, Other mining and quarrying activities also achieved a growth of 4.5% Y-o-Y and 1.2% Q-o-Q.

Real GDP by expenditure components:

Government final consumption expenditure grew by 6.3% Y-o-Y and 1.6% Q-o-Q in Q1/2024. Gross fixed capital formation increased by 4.7% Y-o-Y and 4.0% Q-o-Q, private final consumption expenditure increased by 2.0% Y-o-Y while declined by 0.9% Q-o-Q.

In terms of foreign trade, Imports grew by 1.8% Y-o-Y and 1.3% Q-o-Q, while exports decreased by 6.6% Y-o-Y while increased by 7.4% Q-o-Q.

Contribution of economic activities at current prices:

GDP at current prices amounted to SAR 1,016 billion in the first quarter of 2024. Crude oil and natural gas activities achieved the highest contribution to GDP by 23.4%, followed by government activities at 15.8%, and then wholesale and retail trade, restaurants, and hotels activities with a contribution of 10.4%.