The Saudi GDP achieved 1.3 growth of 1.3% during the past year compared to the previous year, according to the statements of the Saudi statistics issued today.
The growth came supported by the increase in non -oil activities 4.3% and government activities is 2.6%, but oil activities are 4.5% during the past year compared to 2023, and in the statements of the General Authority for Statistics issued today.
The International Monetary Fund expected earlier in 2024 Saudi economy growth 1.5% in 2024 and 4.6% in 2025.
During the last quarter of 2024, the Saudi GDP grew 4.5% compared to the quarter in the previous year.
It is expected that the growth in the Kingdom, the largest oil exporter in the world, is expected to remain weak this year with the continued impact of low oil prices on government revenues.
Oil production
The OPEC Plus Alliance for Oil Producers, which includes the Organization of Petroleum Exporting Countries (OPEC) led by Saudi Arabia and allies, including Russia, is planning to increase production in April, ending discounts agreed in stages since 2022 to support the market.
The Public Authority for Statistics stated that most of the economic sectors achieved growth and recorded wholesale, restaurants and hotels trade, the highest growth rates of 6.4%, followed by the activities of money, insurance and business services services by 5.7%, then water, electricity and gas activities by 4.9%.
