Saudi Arabia’s real gross domestic product saw an annual expansion of 4.4 percent in the fourth quarter of 2024, marking its highest growth in two years, official data showed.

According to flash estimates from the General Authority for Statistics, the Kingdom’s non-oil activities grew by 4.6 percent year on year in the three months to the end of December, reflecting ongoing efforts to diversify the economy.

The report also noted that oil activities rose by 3.4 percent in the fourth quarter compared to the same period in 2023, while government activities expanded by 2.2 percent.

Saudi Arabia’s GDP growth aligns with the broader Middle East trend, where countries are steadily advancing economic diversification.

Reflecting on the Saudi figures, GASTAT said: “The results also showed that seasonally adjusted real GDP increased by 0.3 percent in the fourth quarter of 2024 compared to the third quarter of the same year.” 

Strengthening the non-oil sector remains a key goal under the Kingdom’s Vision 2030 as efforts continue to reduce the dependence on oil revenues and drive sustainable economic growth.

Compared to the third quarter, non-oil activities in the Kingdom grew by 1.3 percent, while government activities rose by 0.3 percent. However, oil activities witnessed a quarterly decline of 1.5 percent.

For the full year 2024, Saudi Arabia’s GDP expanded by 1.3 percent compared to 2023. This increase was primarily driven by a 4.3 percent rise in non-oil activities, underscoring the Kingdom’s focus on economic diversification.

Government activities recorded a 2.6 percent annual increase, while oil activities contracted by 4.5 percent due to OPEC+ output cuts, which have impacted production levels.