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Saudi economy posts 2.8% growth in Q3 2024

RIYADH — Saudi Arabia's gross domestic product (GDP) recorded a growth of 2.8 percent in the third quarter of 2024 on a year-on-year basis, according to the General Authority for Statistics (GASTAT). This is consistent with the rapid growth estimates previously announced by the authority.

The GASTAT report, published on Sunday, revealed that the seasonally adjusted real GDP posted a growth of 0.9 percent, and non-oil activities jumped 4.3 percent year-on-year and increased 0.7 percent quarter-on-quarter compared to the second quarter of 2024.

Government activities also recorded a growth of 3.1 percent year-on-year, while they posted a decline of 0.3 percent quarter-on-quarter. Oil activities recorded a slight growth of 0.05 percent year-on-year, and 1.2 percent quarter-on-quarter.

Most economic activities achieved positive growth rates on an annual basis, with wholesale and retail trade, restaurants and hotels activities recording the highest growth rates during the third quarter of 2024, which amounted to 5.8 percent on an annual basis, and 1.9 percent on a two-quarter basis, followed by financial services, insurance and business services activities with an annual growth of 5.7 percent and 2 percent growth on a quarterly basis.

According to the GASTAT report, construction and building activities also achieved growth of 4.6 percent on an annual basis, and 0.9 percent growth on a quarterly basis.

Final consumer spending achieved growth in the third quarter of this year, by 6.2 percent on an annual basis, while it declined by 1.8 percent on a quarterly basis.

Total fixed capital also increased by 4.5 percent on an annual basis, and 0.9 percent on a quarterly basis, in addition to an increase in private final consumer spending by 3.9 percent on an annual basis, and 2.8 percent on a quarterly basis, the report pointed out.