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Saudi Arabia’s General Authority for Statistics has released its GDP and National Accounts First Quarter of 2024 report, revealing a significant shift in the country’s economic landscape. The report indicates that non-oil activities now contribute a substantial 50% of the country’s GDP, marking a major milestone in Saudi Arabia’s diversification efforts.

Real GDP Decreases, but Non-Oil Activities Thrive

According to the report, real GDP decreased by 1.7% year-on-year. However, seasonally adjusted real GDP grew by 1.4% compared to the previous quarter. The decline in real GDP is offset by the growth of non-oil activities, which expanded by 3.4% year-on-year. Government activities also rose by 2% year-on-year.

Diversification Success

The growing contribution of non-oil activities to Saudi Arabia’s GDP is a testament to the success of the country’s Vision 2030 programs and reforms. The vision aims to foster a more diverse and resilient economy, and the latest GDP report indicates significant progress towards achieving this goal.