RIYADH (Reuters) – (This March 9 story has been corrected to say that the 1.3% figure is for 2024 GDP growth and that fourth-quarter GDP grew by 4.5%, in the headline and text, and to clarify that the expectations and estimates were for last year, not this year, in paragraphs 4 and 6)
Saudi Arabia’s economy grew 1.3% year on year in 2024, preliminary government data showed on Sunday, supported by increased non-oil and government activities.
Non-oil growth rose 4.3% and government activities were up 2.6% while oil activities declined by 4.5%, data released by the General Authority for Statistics showed.
The kingdom’s fourth quarter GDP rose by 4.5% year on year, the government estimates showed.
Growth in the kingdom, the world’s top oil exporter, had been expected to remain muted in 2024, with low oil prices continuing to weigh on government revenue.
The OPEC+ oil producer group comprising the Saudi-led Organization of the Petroleum Exporting Countries and allies including Russia, plans to increase output in April, rolling back cuts agreed in stages since 2022 to support the market.
A Reuters poll had expected the Saudi economy to grow by 1.3% in 2024, a slightly more conservative estimate than the International Monetary Fund’s revised projection of 1.5% and among the slowest in the Gulf Cooperation Council bloc.
(Reporting by Pesha Magid; Editing by David Goodman)
