Saudi Arabia's GDP to rise 1.3% in 2024, records a jump in the fourth quarter

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Riyadh - Mubasher: Saudi Arabia's real gross domestic product (GDP) grew by 1.3% year-on-year in 2024, while it achieved the highest growth rate in two years during the fourth quarter.

The General Authority for Statistics said in its report issued today, Sunday, that the growth of the Kingdom's GDP in 2024 came as a result of a 4.3% increase in non-oil activities, in addition to a 2.6% growth in government activities, while oil activities witnessed a 4.5% decrease.

During the fourth quarter, Saudi Arabia's GDP increased by 4.5% in the last quarter of 2024 compared to the same quarter of 2023.

On a quarterly basis, the Kingdom’s seasonally adjusted GDP increased by 0.5% compared to the third quarter of 2024, according to the quarterly estimates of the General Authority for Statistics.

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