Saudi Arabia’s gross domestic product (GDP) recorded a growth of 2.8 per cent in the third quarter of 2024 on a year-on-year basis, according to the country’s General Authority for Statistics (GASTAT).
This is consistent with the rapid growth estimates previously announced by the authority.
The GASTAT report, published on Sunday, also showed the seasonally adjusted real GDP posted a growth of 0.9 per cent, and non-oil activities jumped 4.3 per cent year-on-year and increased 0.7 per cent quarter-on-quarter compared to the second quarter of 2024.
Government activities also recorded a growth of 3.1 per cent year-on-year, while they posted a decline of 0.3 per cent quarter-on-quarter.
Oil activities recorded a slight growth of 0.05 per cent year-on-year, and 1.2 per cent 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 at 5.8 per cent on an annual basis, and 1.9 per cent on a two-quarter basis, during the third quarter of 2024.
Financial services, insurance and business services activities posted an annual growth of 5.7 per cent and 2 per cent growth on a quarterly basis.
Final consumer spending achieved growth in the third quarter of this year, by 6.2 per cent on an annual basis, while it declined by 1.8 per cent on a quarterly basis.
Total fixed capital in the country also increased by 4.5 per cent on an annual basis, and 0.9 per cent on a quarterly basis, the increase in private final consumer spending was to the tune of 3.9 per cent on an annual basis, and 2.8 per cent on a quarterly basis, the report said.
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