S. Arabia’s GDP declines by 1.7% in Q1

Saudi Arabia’s real GDP in the first quarter of 2024 saw a 1.7 per cent decline compared to a 3.8 per cent surge in the same period of 2023, according to the estimated data from the General Authority for Statistics (GASTAT) released on Sunday.

Meanwhile, the real GDP experienced a growth of 1.4 per cent compared to the previous quarter, Q4/2023 when adjusted for seasonal variations.

According to the report, non-oil sectors showed a year-on-year (YoY) increase of 3.4 per cent and a quarter-on-quarter (QoQ) increase of 0.9 per cent. Government activities saw a YoY growth of 2.0 per cent but a QoQ decline of 1.1 per cent.

Conversely, oil-related activities saw a YoY decrease of 11.2 per cent but a quarter-on-quarter increase of 1.7 per cent.