S. Arabia’s real GDP up by 2.8% YoY in Q3 ’24

Saudi Arabia’s real GDP increased by 2.8 per cent year-on-year (YoY) and 0.9 per cent quarter-on-quarter (QoQ) in Q3 2024, driven by a strong performance in non-oil activities, according to the General Authority for Statistics (GASTAT).

Non-oil activities

Non-oil activities grew by 4.3 per cent YoY and 0.7 per cent QoQ, underpinning the kingdom’s economic expansion. Oil activities recorded marginal growth of 0.05 per cent YoY and 1.2 per cent QoQ, while government activities increased by 3.1 per cent YoY but declined 0.3 per cent QoQ.

Consumption and investment trends

Government final consumption expenditure rose 6.2 per cent YoY but fell 1.8 per cent QoQ. Private consumption expanded by 3.9 per cent YoY and 2.8 per cent QoQ, while gross fixed capital formation increased by 4.5 per cent YoY and 0.9 per cent QoQ.

Trade balance performance

Imports surged by 7.3 per cent YoY and 3.8 per cent QoQ, reflecting strong demand. Exports grew by 3.0 per cent YoY but contracted 5.7 per cent QoQ, highlighting fluctuations in trade dynamics.

Sectoral contributions to growth

• The wholesale and retail trade, restaurants, and hotels sector posted the highest growth, rising by 5.8 per cent YoY and 1.9 per cent QoQ.
• Financial, insurance, and business services followed with increases of 5.7 per cent YoY and 2.0 per cent QoQ.
• The construction sector also showed solid gains of 4.6 per cent YoY and 0.9 per cent QoQ.

GDP at current prices

Saudi Arabia’s GDP at current prices reached 1,007 billion Saudi riyals (SAR) in Q3 2024. Crude oil and natural gas activities contributed the most at 22.8 per cent, followed by government activities at 16.1 per cent and the wholesale and retail trade, restaurants, and hotels sector at 10.1 per cent.

Attribution: GDP Q3 2024E

Subediting: M. S. Salama