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Saudi Arabia’s real GDP shrinks 1.7% in Q1-24

Saudi Arabia’s real GDP shrinks 1.7% in Q1-24
Phoro Archive

Riyadh – Mubasher: Saudi Arabia’s real GDP declined by 1.70% year-on-year (YoY) in the first quarter (Q1) of 2024.

Quarter-on-quarter (QoQ), the seasonally adjusted real GDP grew by 1.40% in Q1-24, according to estimates by the General Authority for Statistics (GASTAT).

Non-oil activities rose by 3.40% YoY and 0.90% QoQ in Q1-24. Government activities grew by 2% YoY in the first three months (3M) of 2024 but decreased by 1.10% QoQ in the same period.

In contrast, oil activities dropped by 11.20% YoY in 3M-24 but rose by 1.70% QoQ.

Government final consumption expenditure increased by 6.30% YoY and 1.60% QoQ in Q1-24. Gross fixed capital formation rose by 4.70% YoY and 4% QoQ in 3M-24, while private final consumption expenditure grew by 2% YoY but fell by 0.9% QoQ in the same period.

Regarding foreign trade, imports grew by 1.80% YoY and 1.30% QoQ in Q1-24, while exports decreased by 6.60% YoY but climbed by 7.40% QoQ.

GDP at current prices reached SAR 1.01 trillion in the three-month period that ended on 31 March 2024. Crude oil and natural gas activities contributed the most to GDP at 23.40%, followed by government activities at 15.80%, and wholesale and retail trade, restaurants, and hotels activities at 10.40%.