Saudi Arabia's non-oil GDP up 4.9% in second quarter

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Saudi Arabia’s real gross domestic product (GDP) decreased by 0.3% in the second quarter of 2024 compared to the same quarter of 2023, while seasonally adjusted real GDP grew by 1.4% compared to the first quarter of 2024, according to estimates by the General Authority for Statistics (GASTAT).

Non-oil activities increased by 4.9% Y-o-Y and 2.1% Q-o-Q. Government activities grew by 3.6% Y-o-Y and 2.3% Q-o-Q. In contrast, oil activities declined by 8.9% Y-o-Y, while increased by 0.9% Q-o-Q, it said.

Government final consumption expenditure grew by 10.9% Y-o-Y and 4.3% Q-o-Q in Q2/2024. Gross fixed capital formation increased by 3.2% Y-o-Y, while declining by 4.5% Q-o-Q. Private final consumption expenditure increased by 2.8% Y-o-Y and 1.0% Q-o-Q.

Imports decreased by 0.9% Y-o-Y and 1.7% Q-o-Q also exports declined by 5.8% Y-o-Y and 0.6% Q-o-Q.

Most economic activities recorded positive growth rates on an annual basis. Electricity, gas, and water activities achieved the highest growth rate in Q2/2024, amounting to 8.9% Y-o-Y and 2.7% Q-o-Q, followed by financial services, insurance, and business services activities, which grew by 7.1% Y-o-Y and 1.8% Q-o-Q. Additionally, wholesale and retail trade, restaurants, and hotels activities grew by 6.8% Y-o-Y and 1.5% Q-o-Q, it said.