Saudi Arabia’s non-oil activities grows 4.4% in second-quarter of 2024
KSA’s GDP contracted by 0.4% in Q2-2024
In March, Saudi Arabia’s Minister of Economy and Planning, Faisal Al-Ibrahim, stated that non-oil economic activity contributed 50 percent to the Kingdom’s GDP in 2023, reported Arab News.
The IMF reports that Saudi Arabia’s economy grew by 8.7 percent last year but projects a significant slowdown to 3.1 percent GDP growth this year.
In March, Saudi Arabia’s Minister of Economy and Planning, Faisal Al-Ibrahim, stated that non-oil economic activities contributed 50 percent to the Kingdom’s GDP in 2023, according to Arab News.
The Kingdom’s General Authority for Statistics (GASTAT) reported a 4.4 percent year-on-year expansion in non-oil activities for the second quarter.
The decline in oil activities is attributed to Saudi Arabia’s decision to cut crude output in alignment with the OPEC+ agreement. The Kingdom reduced its oil production by 500,000 barrels per day in April 2023, with this cut extended through December 2024.
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