RIYADH: The General Authority for Statistics (GASTAT) of Saudi Arabia released today its GDP and National Accounts First Quarter of 2024 report, where it revealed that real GDP decreased by 1.7 percent year-on-year. However, seasonally adjusted real GDP grew by 1.4 percent compared to the previous quarter.

According to the Saudi Press Agency (SPA), non-oil activities continued their upward trend, expanding by 3.4 percent year-on-year. Government activities also rose by 2.0 percent year-on-year. This diversification of the economy is a key pillar of Saudi Arabia’s Vision 2030.

Non-oil activities now contribute a significant 50 percent of the GDP. This demonstrates the success of the vision’s programmes and reforms in fostering a more diverse and resilient economy.

Source: Emirates News Agency