S. Arabia’s GDP down by 0.3% in Q2 ’24

Saudi Arabia’s real GDP declined by 0.3 per cent in Q2/2024, while seasonally adjusted GDP increased by 1.4 per cent quarter-on-quarter (QoQ).

The Kingdom’s non-oil activities rose by 4.9 per cent year-on-year (YoY) and 2.1 per cent QoQ, while oil activities dropped by 8.9 per cent YoY but increased by 0.9 per cent QoQ. Government activities grew by 3.6 per cent YoY and 2.3 per cent QoQ.

Government final consumption expenditure increased by 10.9 per cent YoY and 4.3 per cent QoQ, while gross fixed capital formation grew by 3.2 per cent YoY but declined by 4.5 per cent QoQ. Private final consumption expenditure rose by 2.8 per cent YoY and 1.0 per cent QoQ. Imports decreased by 0.9 per cent YoY and 1.7 per cent QoQ, while exports fell by 5.8 per cent YoY and 0.6 per cent QoQ.

Electricity, gas, and water activities achieved the highest growth rate in Q2/2024, at 8.9 per cent YoY and 2.7 per cent QoQ. Financial services, insurance, and business services grew by 7.1 per cent YoY and 1.8 per cent QoQ. Wholesale and retail trade, restaurants, and hotel activities increased by 6.8 per cent YoY and 1.5 per cent QoQ.

Saudi Arabia’s GDP at current prices reached SAR 1,023 billion in Q2/2024. Crude oil and natural gas activities contributed 23.2 per cent to the GDP, followed by government activities at 16.0 per cent, and wholesale and retail trade, restaurants, and hotels at 10.1 per cent.

Attribution: General Authority of Statistics (GASTAT)

Subediting: M. S. Salama