Saudi Arabia’s real gross domestic product (GDP) experienced a decline of 0.3 percent in the second quarter of 2024 compared to the same period in 2023. However, seasonally adjusted real GDP rose by 1.4 percent compared to the first quarter of 2024, as reported by the General Authority for Statistics (GASTAT).
In terms of sector performance, non-oil activities saw a year-on-year increase of 4.9 percent and a quarter-on-quarter rise of 2.1 percent, SPA reported. Government-related activities expanded by 3.6 percent year-on-year and 2.3 percent quarter-on-quarter. Moreover, oil sector activities fell by 8.9 percent year-on-year but saw a slight increase of 0.9 percent quarter-on-quarter.
Government final consumption expenditure jumped by 10.9 percent compared to the same period last year and increased by 4.3 percent from the previous quarter in Q2 2024. Gross fixed capital formation rose by 3.2 percent year-on-year but dipped by 4.5 percent quarter-on-quarter. Meanwhile, private final consumption expenditure grew by 2.8 percent year-on-year and 1.0 percent quarter-on-quarter.
On the trade front, imports declined by 0.9 percent year-on-year and 1.7 percent quarter-on-quarter, while exports fell by 5.8 percent year-on-year and 0.6 percent quarter-on-quarter.
Growth highlights
Most economic sectors recorded positive annual growth. The electricity, gas, and water sectors achieved the highest growth rate in Q2 2024, with an increase of 8.9 percent year-on-year and 2.7 percent quarter-on-quarter. This was followed by financial services, insurance, and business services, which grew by 7.1 percent year-on-year and 1.8 percent quarter-on-quarter. Additionally, the wholesale and retail trade, along with restaurants and hotels, saw a growth of 6.8 percent year-on-year and 1.5 percent quarter-on-quarter.
For more economy news, click here.
