S. Arabia GDP down by 0.4% in Q2

Saudi Arabia’s real Gross Domestic Product (GDP) contracted by 0.4 per cent in the second quarter of 2024 compared to the same period last year, according to the General Authority for Statistics (GASTAT) flash estimates.

This decline was primarily driven by an 8.5 per cent decrease in oil activities. In contrast, non-oil activities increased by 4.4 per cent, and government activities grew by 3.6 per cent on an annual basis.

Despite the annual contraction, seasonally adjusted real GDP grew by 1.4 per cent in the second quarter compared to the first quarter of 2024. This quarterly growth included a 1.3 per cent rise in oil activities, a 1.4 per cent increase in non-oil activities, and a 3.2 per cent expansion in government activities.

Attribution: GASTAT