The latest figures from the General Authority for Statistics (GASTAT) indicate a complex yet promising economic situation in Saudi Arabia for the first quarter of 2024. The real Gross Domestic Product (GDP) has experienced a slight decline of 1.7% on an annual basis, while showing an encouraging seasonally adjusted increase of 1.4% from the previous quarter.
Scrutinizing the details of the report, it’s evident that the non-oil sectors are steadily bolstering the economy, with a 3.4% expansion compared to the same period last year. Additionally, government-related activities have shown a healthy increase, going up by 2.0% year-on-year. Such growth is reflective of the strategic aims set forth by Saudi Arabia’s ambitious Vision 2030, which emphasizes economic diversification away from oil dependency.
Markedly, the non-oil sectors now account for half of the kingdom’s GDP, underscoring the effectiveness of the reforms and initiatives under Vision 2030 in establishing a robust and diversified economic foundation.