Saudi: Non-oil activities grow by 3.4% in Q1 2024
In a recent evaluation of economic performance, Saudi Arabia has witnessed a notable shift within its economic landscape. The General Authority for Statistics (GASTAT) presented its findings in the GDP and National Accounts report for the first quarter of 2024, offering a comprehensive look into the Kingdom’s current economic state.
Despite a year-on-year contraction of 1.7% in the real GDP, the report brought to light a silver lining with a seasonally adjusted growth of 1.4% when compared to the preceding quarter. This reflection indicates a resilient economic structure that is starting to regain its momentum in the face of challenges.
Central to the Kingdom’s economic diversification strategy, as outlined in Saudi Arabia’s Vision 2030, non-oil sectors have emerged as significant contributors to this growth trajectory. Remarkably, non-oil activities have expanded by 3.4% year-on-year, illustrating the sector’s robustness and its pivotal role in the country’s economic blueprint. Government activities have also made substantial progress, with a 2.0% increase reported over the same period.
The statistics further revealed that non-oil sectors now account for a substantial 50% of the Kingdom’s GDP. This marks a significant stride towards achieving the objectives of Vision 2030, which aims at reducing the economy’s dependence on oil and fostering a more diverse and sustainable economic environment. The successful implantation of various programs and reforms under this vision has evidently begun to bear fruit, showcasing a promising future for the Kingdom’s economy.
As Saudi Arabia continues to push forward with its ambitious Vision 2030 goals, the substantial growth in non-oil activities signals a transformative period in the Kingdom’s economic landscape. It reflects a concerted effort to diversify income sources, enhance economic stability, and pave the way for a prosperous and sustainable future.
This positive trajectory is not just a testament to the resilience and potential of Saudi Arabia’s economy but also shines a light on the broader implications for regional and global markets. As the Kingdom further solidifies its position as a diversified economic powerhouse, it sets a benchmark for other oil-dependent economies aiming for sustainable development and growth.
